Delaware Acknowledgment by Debtor of Correctness of Account Stated is a legal document used in Delaware to verify the accuracy of a stated account. This acknowledgment signifies that the debtor has been presented with an account statement and acknowledges its correctness. It serves as evidence that the debtor has reviewed the account and agrees with the information provided. In Delaware, there are two common types of acknowledgments by the debtor regarding the correctness of account stated: 1. Basic Delaware Acknowledgment: This is a straightforward acknowledgment where the debtor affirms that they have received and reviewed the account statement and found it to be accurate. This type of acknowledgment is often used in regular business transactions and is suitable when there are no disputes or discrepancies regarding the stated account. 2. Disputed Delaware Acknowledgment: In this type of acknowledgment, the debtor acknowledges the receipt of the account statement but indicates that there are disagreements or discrepancies regarding certain items or amounts mentioned in the stated account. This acknowledgment is primarily used when there are unresolved issues or disputes related to the stated account. By signing this document, the debtor confirms their receipt of the account statement but reserves the right to challenge specific items in the future. When drafting a Delaware Acknowledgment by Debtor of Correctness of Account Stated, it is essential to include the following information: 1. Debtor's Information: Begin by clearly stating the name and address of the debtor. This information ensures that the acknowledgment is specific to the individual or entity involved in the account. 2. Creditor's Information: Include the name and address of the creditor to identify the party providing the account statement. 3. Account Details: Provide specific details about the account, such as an account number, billing period, or transaction dates, to clearly identify the account being acknowledged. 4. Statement of Accuracy: Include a statement affirming that the debtor has received the account statement and acknowledges the correctness of its contents. This statement should be straightforward and concise. 5. Signature and Date: Provide space for the debtor's signature and the date of acknowledgment, ensuring that it is signed voluntarily and without any coercion. Remember that legal documents should always be reviewed by a licensed attorney to ensure compliance with state laws and to address any specific concerns or circumstances pertaining to the account and the parties involved. To summarize, a Delaware Acknowledgment by Debtor of Correctness of Account Stated is a legal document used to confirm that the debtor has received and reviewed an account statement and acknowledges its accuracy. There are two main types of acknowledgments, namely the basic acknowledgment for uncontested accounts and the disputed acknowledgment for accounts with discrepancies or disputes. It is crucial to provide the debtor's information, creditor's information, account details, a statement of accuracy, and space for the debtor's signature and the date of acknowledgment. Consulting an attorney is advised for accurate and legally compliant documentation.
Delaware Acknowledgment by Debtor of Correctness of Account Stated
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FAQ
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 cause of action of an account stated is based on principles of contract law. There must be an express or implied agreement between the creditor and debtor that the debtor owes the amount set forth in the account.
The takeaway is that a timely objection to an account statement with a disputed balance will go a long way to defeat a claim based on the theory of account stated.
The most common way to defeat an action for account stated is to show that the debt claimed is new, i.e., that there was no prior course of dealing between the parties or, at best, only a very short period with very few transactions.
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.
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.
There are three elements of an account stated claim: (1) the account was presented, (2) by mutual agreement, it was accepted as correct, and (3) the debtor promised to pay the amount so stated. The second and third elements may be shown by the debtor's failure to object to the stated amount within a reasonable time.
