meaning of account stated

account stated meaning in Legal Dictionary

n. a statement between a creditor or perhaps the person to whom cash is owed and a debtor (the person who owes) that a certain amount is owed to your seller by a particular day. Often the account reported is a bill, invoice or a directory of invoices, signed by the consumer or delivered to the customer which pays part or all of it without protest. This is really important when a frustrated businessman sues for "account stated" which sets the debtor's liability together with exact quantity the debtor need to pay, which is easier than claiming a debt flow from and payable. A free account reported may carry a longer statute of limits (time to file suit) than another types of financial obligation depending on the state.

account stated meaning in Law Dictionary

the cash that two events acknowledge in small-claims judge.

account stated meaning in Business Dictionary

sum of cash that litigant parties acknowledge (expressly or by implication) once the amount being claimed in a judge situation.