Indiana 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
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.
"The requirements for formation of an enforceable contract are: (1) at least two parties with legal capacity to contract; (2) mutual assent to the terms of an agreement with reasonably certain terms; and, (3) consideration (i.e., payment). (4 NY Prac., Com.
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.
An acknowledgement of debt (AOD) is when a debtor acknowledges his/her debt obligations. The debtor admits that he/she owes a sum of money to the creditor and undertakes to repay the amount on terms agreed upon between the parties involved.
It is an unconditional acknowledgement of indebtedness in an ascertained amount of money the payment of which is due to the applicant. This is all evidenced by the terms of the letter upon proper construction of it and without resort to evidence extrinsic thereto.
An Acknowledgment of Debt (?AOD?) is an agreement containing a clear and undeniable admission of liability by one party to another. The liability usually relates to the payment of a sum of money (?debt?) that must be made by one of the parties to the other party.
Example 1: John and Jane have a business relationship where John provides consulting services to Jane. John sends Jane an account stated every month, summarizing the amount that Jane owes him. If Jane does not object to the charges within a reasonable time, she implicitly agrees to pay the debt.
Specifically, an action on account is appropriate if the parties have conducted a series of transactions for which a balance remains to be paid. The plaintiff has the burden of making a case by proving an offer, an acceptance, consideration, correctness of the account, and the reasonableness of the charges.
