Mississippi Acknowledgment by Debtor of Correctness of Account Stated

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Multi-State
Control #:
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.

How to fill out 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.

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.

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.

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 ...

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Mississippi Acknowledgment by Debtor of Correctness of Account Stated