Account Stated

• Author: Jeffrey Lehman, Shirelle Phelps

Page 59

An amount that accurately states money due to a creditor; a debt arising out of transactions between a debtor and creditor that has been reduced to a balance due for the items of account.

A creditor agrees to accept and a debtor agrees that a specific sum is a true and exact statement of the amount he or she owes. The debtor may agree in words to pay the amount, or it may be understood that the debtor has...