New York Account Stated for Construction Work
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How to fill out Account Stated For Construction Work?
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FAQ
What is cause of action? Cause of action is the legal claim [a claim that sometimes goes unstated] that allows a party to seek judicial relief. This gives the legal right to seek a remedy because of the act or omission, failure to perform duty, or breach of obligation of the defendant towards the plaintiff.
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.
Lawsuits for accountings are generally considered equitable proceedings. Under Florida law, a party that wants an equitable accounting must prove that: (1) a fiduciary relationship exists between the parties or the subject transaction is complex; and (2) the remedy at law is inadequate.
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.
The elements of an accounts stated claim are (1) A previous transaction that created a liability; (2) An agreement by the Defendant that the balance is due and correct; (3) A promise has been made, either expressly or implicitly, to pay the balance; (4) The balance remains unpaid.
The cause of action for an account stated is based on the agreement of the parties to pay the amount due upon the accounting, and not any written instrument.
In New York, the statute of limitations for a breach of contract claim is six years. It begins to run (i.e., accrue) from the date of the breach. The claim does not accrue from the date of discovery.
To establish a cause of action for an account stated in New York, the plaintiff must plead that: 1) an account was presented; 2) the account was accepted as correct; and 3) the debtor promised to pay the amount stated. Whether there is an implied account stated?by silence or otherwise?is a question of fact.