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Legal Dictionary Term: account stated

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Legal Dictionary Term: account stated


What is account stated?

n. a statement between a creditor or the person to whom money is owed and a debtor (the person who owes) that a particular amount is owed to the seller as of a certain date. Often the account stated is a bill, invoice or a summary of invoices, signed by the customer or sent to the customer who pays part or all of it without protest. This is important when a frustrated businessman sues for 'account stated' which sets both the debtor's liability and the exact amount the debtor must pay, which is less complicated than claiming a debt is due and payable. An account stated may carry a longer statute of limitations (time to file suit) than some other forms of debt depending on the state.


Keywords for account stated:

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account stated Information

Date Approved: Apr 21, 2019

Viewed: 369 x

Last Viewed: Aug 17, 2022


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