Dictionary of Law
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account stated :: legal definition


Account stated - n. a statement between a creditor or the person to whom money is owed and a debtor (the person who owes) that a particular amount is owed to the seller as of a certain date. Often the account stated is a bill, invoice or a summary of invoices, signed by the customer or sent to the customer who pays part or all of it without protest. This is important when a frustrated businessman sues for "account stated" which sets both the debtor's liability and the exact amount the debtor must pay, which is less complicated than claiming a debt is due and payable. An account stated may carry a longer statute of limitations (time to file suit) than some other forms of debt depending on the state.

See also: debt and Related Law Terms ↓


Related Law Terms

abduction :: n. the criminal taking away of a person by persuas ... g of children. See also: kidnapping
accounts receivable :: n. the amounts of money due or owed to a business ... sidering the chances of collection.
acknowledgment :: n. the section at the end of a document where a no ... me leases and various other papers.
administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate
articles of incorporation :: n. the basic charter of a corporation which spells ... year's taxes. See also: corporation
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
Bill of Rights :: n. the first ten amendments to the federal Constit ... ved to the states or to the people.
chattel mortgage :: n. an outmoded written document which made a chatt ... ed by the property. See also: UCC-1
civil :: adj. 1) that part of the law that encompasses busi ... also: civil liberties civil rights
common law :: n. the traditional unwritten law of England, based ... plied without reference to statute.
consign :: v. 1) to deliver goods to a merchant to sell on be ... or by order of a bankruptcy judge.
corporation :: n. an organization formed with state governmental ... ation public corporation securities
creditor's claim :: n. a claim required to be filed in writing, in a p ... e also: claim in bankruptcy probate
d.b.a. :: n. short for "doing business as," when a person or ... that is registered with the state.
descent :: n. the rules of inheritance established by law in ... on inheritance intestate succession
discharge in bankruptcy :: n. an order given by the bankruptcy judge, at the ... red creditors. See also: bankruptcy
disinherit :: v. to intentionally take actions to guarantee that ... rorem clause pretermitted heir will
dissolution of corporation :: n. termination of a corporation, either a) volunta ... e government. See also: corporation
domicile :: n. the place where a person has his/her permanent ... where its headquarters is located.
double jeopardy :: n. placing someone on trial a second time for an o ... that occurred thirty years earlier.
due :: n. and adj. owed as of a specific date. A popular ... ecessarily mean that a debt is due.
equal opportunity :: 1) n. a right supposedly guaranteed by both federa ... be so. See also: affirmative action
equal protection of the law :: n. the right of all persons to have the same acces ... laws." See also: due process of law
execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution
extradition :: n. the surrender by one state or country of a pers ... ty. See also: fugitive from justice
fair comment :: n. a statement of opinion (no matter how ludicrous ... amation libel public figure slander
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
garnishment :: n. the entire process of petitioning for and getti ... heriff. See also: garnish garnishee
grace period :: n. a time stated in a contract in which a late pay ... the contract, i.e. your insurance.
guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor
guest :: n. 1) in general, a person paying to stay in a hot ... ce. See also: guest statute invitee
hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay
independent contractor :: n. a person or business which performs services fo ... ue independence. See also: employee
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
joint liability :: n. when two or more persons are both responsible f ... See also: joinder joint and several
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
living will :: n. also called "a durable power of attorney," it i ... upport. See also: power of attorney
murder :: n. the killing of a human being by a sane person, ... premeditation second degree murder
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence
not guilty :: n. 1) plea of a person who claims not to have comm ... t guilty by reason of insanity plea
notary public :: n. a person authorized by the state in which the p ... he state which appoints the notary.
offset :: 1) n. also called a "setoff," the deduction by a d ... e also: counterclaim defense setoff
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
property :: n. anything that is owned by a person or entity. P ... rty real property separate property
sentence :: 1) n. the punishment given to a person convicted o ... ence restitution suspended sentence
service of process :: n. the delivery of copies of legal documents such ... by publication substituted service
several liability :: n. referring to responsibility of one party for th ... n joint and several promissory note
state action :: n. in federal Civil Rights Acts, dating back to 18 ... for damages. See also: civil rights
state of domicile :: n. the state in which a person has his/her permane ... orated. See also: domicile resident
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
subrogation :: n. assuming the legal rights of a person for whom ... also: negligence subrogee subrogor
substituted service :: n. accomplishing service (delivery) of legal docum ... ee also: service service of process
three-day notice :: n. a notice to pay delinquent rent or quit (leave ... nd tenant service unlawful detainer
toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry.
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - A

a fortiori :: (ah-for-she-ory) prep. Latin for "with even strong ... rother Cain certainly is too young.
a priori assumption :: (ah-pree-ory) n. from Latin, an assumption that is ... when the reality is not so certain.
a.k.a. :: prep. abbreviation for "also known as" when someon ... nodgrass, a.k.a. "Snuffy the Snod."
ab initio :: prep. lawyer Latin for "from the start," as "it wa ... tart," as "it was legal ab initio."
abandon :: v. to intentionally and permanently give up, surre ... lso: abandoned property abandonment
abandoned property :: n. property left behind (often by a tenant) intent ... -use. See also: abandon abandonment
abandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patent
abate :: v. to do away with a problem, such as a public or ... ty septic tank. See also: abatement
abatement :: n. 1) the removal of a problem which is against pu ... eneficiary in full. See also: abate
abduction :: n. the criminal taking away of a person by persuas ... g of children. See also: kidnapping
abet :: v. to help someone commit a crime, including helpi ... n the crime. See also: aid and abet
abeyance :: 1) n. when the owner- ship of property has not bee ... 2) legal jargon for "undetermined."
able-bodied :: adj. physically capable of working at a job or in ... of paying alimony or child support.
abortion :: n. the termination of pregnancy by various means, ... ed abortion continue in the future.
abrogate :: v. to annul or repeal a law or pass legislation th ... ons of a contract. See also: repeal
abscond :: v. 1) traditionally to leave a jurisdiction (where ... as in "he absconded with the loot."
absolute :: adj. complete, and without condition. ... j. complete, and without condition.
abstention doctrine :: n. when the Supreme Court refuses to exercise its ... being appealed from a state court.
abstract :: n. in general, a summary of a record or document, ... tract of judgment abstract of title
abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien