New Jersey Account Stated for Construction Work

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Multi-State
Control #:
US-0160BG
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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.
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FAQ

Account Stated Basics A cause of action for account stated is a legal claim that can be brought by a business or individual against another business or individual for the amount of money that is allegedly owed pursuant to an open and continuing account.

There are seven essential elements an agreement must have to be considered a valid contract. The elements of a contract include identification, offer, acceptance, consideration, meeting of the minds, competency and capacity, and contract legality. Preferably, the document will be in writing (electronic or on paper).

New Jersey's Consumer Fraud Act (CFA) gives homeowners recourse against home improvement contractors who breach contractual commitments, perform shoddy work, misrepresent facts or commit fraud.

To be a binding contract, an agreement must have the following: (1) offer and acceptance, (2) the parties must have a "meeting of the minds" about the agreement's essential terms, (3) there must be valid consideration - in other words, there must be mutual obligations from each party to the other, (4) finally, there ...

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.

Contractors can even have criminal records for offenses like writing bad checks or theft by deception ? offenses that would probably give homeowners pause. The current law does not permit the Division of Consumer Affairs, which oversees the HIC registration system, to do a simple background check.

In New Jersey, the elements of a valid contract are: ? An offer (see Offer). An acceptance (see Acceptance). Consideration (see Consideration). Mutual assent and intent to be bound (see Mutual Assent and Intent to be Bound).

For e-contracts to be legally valid, they must comply with The Uniform Computer Information Transactions Act (UCITA). Moreover, an e-contract must have the basic requirements of a traditional contract?offer, acceptance, capacity, and consideration?to be enforceable.

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New Jersey Account Stated for Construction Work