California Acknowledgment by Debtor of Correctness of Account Stated

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Multi-State
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US-0163BG
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Word; 
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Description

An account stated is a statement between a creditor and a debtor based upon a series of prior transactions. Hence, an account stated arises when a particular amount is owed to the creditor by the debtor as of a certain date. An account stated refers to either an agreement itself or to the assent giving rise to the agreement. The agreement to pay the balance amount can be either express or implied. When the agreement to pay is in the nature of a computation, then it is called account stated.

California Acknowledgment by Debtor of Correctness of Account Stated is a legal document utilized in the state of California to confirm the debtor's acknowledgment and acceptance of the correctness of an account statement. This acknowledgment serves as evidence that the debtor has reviewed the account statement and agrees to its accuracy. The California Acknowledgment by Debtor of Correctness of Account Stated is commonly used in various financial transactions, such as loans, installment payments, credit cards, or any situation where regular account statements are provided to the debtor. By signing this acknowledgment, the debtor verifies that they have reviewed the account statement and affirm that it reflects the correct outstanding balance and activity. In the State of California, two main types of California Acknowledgment by Debtor of Correctness of Account Stated exist: 1. General California Acknowledgment by Debtor of Correctness of Account Stated: This type of acknowledgment is used for general financial transactions where the debtor acknowledges and verifies the correctness of the account statement. 2. Specific Purpose California Acknowledgment by Debtor of Correctness of Account Stated: This specific-purpose acknowledgment is employed when the debtor is acknowledging the correctness of an account statement for a particular purpose, such as mortgage payments, lease agreements, or a specific credit account. The California Acknowledgment by Debtor of Correctness of Account Stated must contain specific information to validate its legality and usefulness. It typically includes the following key details: 1. Debtor Information: The acknowledgment must state the full legal name, contact information, and any identifying account numbers of the debtor. 2. Creditor Information: The document should also include the full legal name and contact information of the creditor or financial institution providing the account statement. 3. Account Statement Details: It is crucial to mention the specific period or date range covered by the account statement being acknowledged. The statement should also outline the outstanding balance, any payments made, interest charges, or any other relevant information related to the account. 4. Confirmation of Review: The debtor is required to confirm that they have thoroughly reviewed the account statement and believe it accurately represents their financial transactions. This confirms their acceptance and understanding of the account's correctness. 5. Signature and Date: The debtor's signature and the date of acknowledgment are necessary to validate the document. The California Acknowledgment by Debtor of Correctness of Account Stated serves as a vital legal tool in financial transactions to ensure transparency and agreement between the debtor and the creditor. It offers protection for both parties, preventing disputes concerning the correctness of the provided account statement.

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FAQ

An account stated cause of action is based on an account stated in writing at a specified time and place between the creditor and the debtor of a specified and agreed on amount due. See, e.g., Tringali v. Vest (1951) 106 Cal. App.

An Account Stated establishes an implied contract, whereas a breach of contract traditionally refers to an expressly written contract. Account Stated is used when no contract exists or when the plaintiff cannot prove the existence of the contract.

Account stated refers to a document summarizing the amount a debtor owes a creditor. An account stated is also a cause of action in many states that allows a creditor to sue for payment.

Collections actions involving the sale of goods often include two varieties of ?account? claims in addition to traditional breach of contract theories: ?account stated? and ?open account.? Generally, an account stated claim alleges the failure to pay an agreed-upon balance, while an open account claim alleges an ...

The elements of account stated are: (1) prior transactions between the parties which establish a debtor-creditor relationship; (2)an express or implied agreement between the parties as to the amount due; and (3) an express or implied promise from the debtor to pay the amount due.

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An account stated must be based on the parties' mutual assent; it must appear, at the time of the statement, that indebtedness from one party to the other ... How to fill out Acknowledgment By Debtor Of Correctness Of Account Stated? Aren't you sick and tired of choosing from countless templates each time you need ...If the debtor does not file an opposition within 15 days, the judge will most likely grant your request. Judges will deny a request to “correct” a judgment that ... The certificate of acknowledgment (PDF) must be in the form set forth in California Civil Code section 1189. Notary Public · Notary Public Listing; Commissions ... This form is available on Westlaw. Easily search more than 600,000 legal forms to find the exact form you need. Please visit our site to learn more and request ... Sep 10, 2021 — To state a claim for an account stated, a plaintiff must allege: An account was presented;; The account was accepted as correct, and; The debtor ... Sep 13, 2021 — Under California law, "[a]n account stated is an agreement, based on ... correct; and 3) the debtor promised to pay the amount stated. "An account stated presupposes an absolute acknowledgment or admission of a certain sum due or adjustment of accounts between the parties, the striking of a ... ... (a) File an acknowledgment of satisfaction of judgment with the court. (b) Serve an acknowledgment of satisfaction of judgment on the judgment debtor. by EJ Turnbull · 2013 · Cited by 7 — One attorney who represents defendants in collection actions argues that account stated was abolished in 1984 with the abolition of common law pleading in ...

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California Acknowledgment by Debtor of Correctness of Account Stated