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.
California Acknowledgment by Debtor of Correctness of Account Stated
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How to fill out Acknowledgment By Debtor Of Correctness Of Account Stated?
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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.
