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LSDefine
Simple English definitions for legal terms
accompt
Read a random definition: OPD
A quick definition of accompt:
Accompt is an old-fashioned word that means "accounting." It's used to describe keeping track of money and transactions between people or businesses. When someone owes money to another person, they might be asked to provide an accompt to show how much they owe. It's important to be accountable for your actions and to keep accurate records of your financial dealings.A more thorough explanation:
Definition: Accompt is an archaic spelling of the word "account." It refers to a detailed statement of financial transactions between parties in a fiduciary relationship, such as an agent and a principal. The purpose of an account is to ascertain and recover the balance due, which can only be maintained when there is an obligation to account and the amount due is uncertain and unliquidated.
Examples:
- The principal filed an action for account against his agent to recover the balance due for goods or money received in a fiduciary capacity.
- The contractor filed an action for account against the nonpaying customer to ascertain and recover the balance due for services rendered.
These examples illustrate how an account is used to recover the balance due in a fiduciary relationship where the amount is uncertain and unliquidated.