The Washington Acknowledgment by Debtor of Correctness of Account Stated is an important legal document used in financial and business transactions. It serves as evidence that the debtor acknowledges and confirms the accuracy of a specific account statement presented by a creditor. This acknowledgment is crucial in establishing the debtor's agreement with the stated account balance, preventing any disputes or discrepancies. Under Washington law, there are two types of Acknowledgments by Debtor of Correctness of Account Stated: 1. General Washington Acknowledgment by Debtor of Correctness of Account Stated: This type of acknowledgment is commonly used when the debtor agrees to the overall correctness of the entire account statement. By signing this document, the debtor confirms that the account balance, charges, and credits mentioned in the presented statement are accurate. 2. Specific Washington Acknowledgment by Debtor of Correctness of Account Stated: This type of acknowledgment is employed when the debtor only agrees to the correctness of specific items within the account statement, rather than the whole statement. It allows the debtor to dispute certain charges or credits while accepting the veracity of the rest of the account. Both types of acknowledgments safeguard the interests of both the creditor and the debtor by establishing a mutual understanding regarding the accuracy of the account statement. By signing the Washington Acknowledgment by Debtor of Correctness of Account Stated, the debtor provides legal affirmation that the presented statement is correct, reducing the possibility of future disputes. Keywords: Washington Acknowledgment by Debtor of Correctness of Account Stated, legal document, debtor, creditor, account statement, financial transactions, business transactions, accuracy, disputes, discrepancies, account balance, charges, credits, general acknowledgment, specific acknowledgment, mutual understanding, legal affirmation.
Washington Acknowledgment by Debtor of Correctness of Account Stated
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How to fill out Washington Acknowledgment By Debtor Of Correctness Of Account Stated?
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FAQ
The cause of action of an account stated is based on principles of contract law. There must be an express or implied agreement between the creditor and debtor that the debtor owes the amount set forth in the account.
An account stated cause of action is based on an account stated in writing at a specified time and place between the creditor and the debtor of a specified and agreed on amount due. See, e.g., Tringali v. Vest (1951) 106 Cal. App.
An Acknowledgment of Debt (?AOD?) is an agreement containing a clear and undeniable admission of liability by one party to another. The liability usually relates to the payment of a sum of money (?debt?) that must be made by one of the parties to the other party.
Collections actions involving the sale of goods often include two varieties of ?account? claims in addition to traditional breach of contract theories: ?account stated? and ?open account.? Generally, an account stated claim alleges the failure to pay an agreed-upon balance, while an open account claim alleges an ...
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.
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.
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.
I,_____ hereby confirms and acknowledges to ________(creditor ) that the undersigned is indebted to the creditor in the amount of ____ as of date hereof which amount is due owing includes all accrued interest and other permitted charges to date.
