Account stated

Legal Definition and Related Resources of Account stated

Meaning of Account stated

See “Account.”

What does Account stated mean in American Law?

The definition of Account stated in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

An agreement between two persons that one owes something to another, from which a promise to pay is ordinarily implied. (sometimes also called account settled, though that term might more properly be confined to accounts stated in which one of the parties has a duty to account to the other, e.g., an agent to his principal). The account stated frequently comes into being between persons who have many transactions with each other, leading to debts in both directions, some of which are disputed. The value of the account stated is that it can be sued upon by the person showing the net in his favor, and neither party may look behind a valid account stated so as to litigate the underlying transactions which it was designed to supersede. Sometimes “account stated” is used as shorthand for “suit upon a debt evidenced by an account stated,” e.g., “Plaintiff brought an action for [or “on”] account stated.”

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Notice

This definition of Account Stated Is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

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Meaning of Account Stated

In this law dictionary, the legal term account stated is a kind of the Accounting class.

Resources

See Also

  • Account
  • Accounting
  • Meaning of Account Stated

    In this law dictionary, the legal term account stated is a kind of the Equity practice class.

    Resources

    See Also

  • Account Stated
  • Equity practice
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