Account stated

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account (noun, ac-count, /əˈkaʊnt/) stated (adjective, stat-ed, /steɪtəd/)

Definition: is a sum of money, which two parties to a lawsuit (either people or organizations) agree on as the money being demanded in a court case. The two parties may agree on the account stated either by implication or expressly. The term oftentimes refers to a debt owed by one party (debtor) to the other one (creditor), who have had prior transactions. In this case, an account stated implies the balance that the debtor was supposed to pay but failed to, thus leading the case to court. Oftentimes, an account stated may be presented in a form of an invoice, a bill, or a number of those.

In a Sentence:

  1. The major element of an account stated is the prior transactions between our firm and the opposite party.
  2. Since they have expressed a promise to pay the balance, we now have a reason to claim for an account stated.

Synonyms and related words: stated amount, stated value, assignment of account, settled account, claim, court case, debtor, creditor, settlement, settlement agreement

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