Kansas Acknowledgment by Debtor of Correctness of Account Stated

State:
Multi-State
Control #:
US-0163BG
Format:
Word; 
Rich Text
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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.

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FAQ

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 ...

?An account stated has been defined as an agreement between parties who have had previous transactions that the account representing those transactions is true and that the balance stated is correct, together with a promise, express or implied, for the payment of such balance." "An account stated is merely a form of ...

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.

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.

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.

Under California law, "[a]n account stated is an agreement, based on prior transactions between the parties, that the items of an account are true and that the balance struck is due and owing."4 The three elements of the claim are 1) previous transactions between the parties establishing the relationship between debtor ...

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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Kansas Acknowledgment by Debtor of Correctness of Account Stated