Virgin Islands 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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  • Preview Complaint Against Guarantor of Open Account Credit Transactions - Breach of Oral or Implied Contracts
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FAQ

?Good faith? has generally been defined as honesty in a person's conduct during the agreement. The obligation to perform in good faith exists even in contracts that expressly allow either party to terminate the contract for any reason.

Good faith means dealing with each other honestly, openly, and without misleading each other. It requires parties to be active and constructive in establishing and maintaining a productive relationship in which they are responsive and communicative.

The statute of frauds is a law that deems certain types of verbal contracts non-binding and unenforceable without written evidence to support them.

Good faith is a broad term that's used to encompass honest dealing. Depending on the exact setting, good faith may require an honest belief or purpose, faithful performance of duties, observance of fair dealing standards, or an absence of fraudulent intent.

Under common law, good faith requires parties to an agreement to exercise their powers reasonably and not arbitrarily or for some irrelevant purpose. Certain conduct may lack good faith if one party acts dishonestly or fails to have regard to the legitimate interests of the other party.

Implied covenant of good faith and fair dealing (often simplified to good faith) is a rule used by most courts in the United States that requires every party in a contract to implement the agreement as intended, not using means to undercut the purpose of the transaction.

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