MLchartDataset catalogue

Account stated

Term · Law · MLC-T-LAW-005299

An agreement between a debtor and a creditor regarding the amount of a past debt. This occurs when the creditor presents a statement of account, and the debtor either expressly or implicitly assents to its accuracy. Once an account is stated, it becomes a new, independent contract, and the debtor is bound to pay the agreed-upon balance.

Table 1. Record
IdentifierMLC-T-LAW-005299
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-005299",
  "term": "Account stated",
  "field": "Law",
  "definition": "An agreement between a debtor and a creditor regarding the amount of a past debt. This occurs when the creditor presents a statement of account, and the debtor either expressly or implicitly assents to its accuracy. Once an account is stated, it becomes a new, independent contract, and the debtor is bound to pay the agreed-upon balance.",
  "url": "https://mlchart.com/terminology/law/account-stated/"
}

Record 74 of 5,439 in Law terminology (MLC-0107). Request the full dataset.