Utah Complaint Against Guarantor of Open Account Credit Transactions - Breach of Oral or Implied Contracts

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Multi-State
Control #:
US-01248BG
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Word; 
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Description

An open account is an account based on continuous dealing between the parties, which has not been closed, settled or stated, and which is kept open with the expectation of further transactions. An open account is created when the parties intend that the individual items of the account will not be considered independently, but as a connected series of transactions. In addition, the parties must intend that the account will be kept open and subject to a shifting balance as additional related entries of debits and credits are made, until either party decides to settle and close the account. This form is a complaint against a guarantor of such an account.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Statute of limitations in contracts for sale. An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.

Statutes of limitation apply in both civil and criminal cases. The statute of limitations for some cases is as short as six months, while some serious criminal offenses have no limit and can be filed at any time, even decades after the crime occurred. Most statutes of limitation range from one to eight years.

The statute of limitations in Utah for any signed written contract is six (6) years. For unwritten or oral contracts, the statute of limitation for an unpaid debt expires or runs after four (4) years.

Offenses with No Statute of Limitations in Utah capital felony. aggravated murder. murder. manslaughter. child abuse homicide. aggravated kidnapping. child kidnapping. rape.

When the statute of limitations has been tolled, the calculation of time remaining in the limitations period immediately stops as if frozen in place when a bell rang. Once tolled, the limitations period will not start running again until some other specified event occurs.

By restricting the amount of interest a creditor can charge, these laws are designed to help consumers avoid crippling debt and deter predatory lenders. Utah's maximum interest rate is 10% absent a contract, and charging more than the legal rate, (known as ?usury?) is a felony.

A breach of contract occurs when one party to a written or oral agreement fails to honor the contract. In Utah, statutes of limitations allow four years for the filing of charges relating to breached oral contracts or six years for breached written contracts.

Tolling of the Statute of Limitations The time period to sue can be extended for various reasons, based on the legal concept of ?tolling." Generally, being under the age of majority, 18 years old in Utah, or having a mental disability causes the clock to stop.

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Utah Complaint Against Guarantor of Open Account Credit Transactions - Breach of Oral or Implied Contracts