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LSDefine

Simple English definitions for legal terms

account stated

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A quick definition of account stated:

Account stated is a document that shows how much money someone owes to another person. It's like a bill that summarizes all the transactions between them. If the person who owes money doesn't pay or question the bill within a reasonable time, the creditor can sue them for payment. This is called an account stated cause of action. The debtor can still challenge the bill if they can prove that there was a mistake or fraud.

A more thorough explanation:

Definition: Account stated is a document that shows how much a debtor owes a creditor. It is also a legal action that allows a creditor to sue a debtor for payment.

In many business situations, creditors and debtors have multiple transactions that involve frequent billing. Instead of signing a contract for each transaction, they agree to credit and bill each other. The creditor sends the debtor an account stated, which summarizes the amount that the creditor claims the debtor owes at a specific time.

If an account-stated relationship has been established, the debtor must either pay the debt or challenge the charges within a reasonable time. If the debtor does not pay, the creditor can sue for an account stated if the debtor never challenges the costs within a reasonable time.

The specifics of the cause of action vary by state, but generally, the parties must have previously conducted similar transactions, and the debtor accepted or implicitly agreed to pay the debt. The debtor may still be able to rebut the account stated claim after a long period of time if they can prove some form of fraud, mistake, or other exception.

Example 1: John and Jane have a business relationship where John provides consulting services to Jane. John sends Jane an account stated every month, summarizing the amount that Jane owes him. If Jane does not object to the charges within a reasonable time, she implicitly agrees to pay the debt.

Example 2: ABC Company sells products to XYZ Company on credit. ABC Company sends XYZ Company an account stated every month, summarizing the amount that XYZ Company owes. If XYZ Company does not object to the charges within a reasonable time, they implicitly agree to pay the debt.

These examples illustrate how an account stated works in a business context. Creditors send debtors an account stated, and if the debtor does not object to the charges within a reasonable time, they implicitly agree to pay the debt. This allows the creditor to sue the debtor for payment if necessary.

account receivable | accountant

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BulbasaurNoLikeCardio
10:34
@m10: 110% agree, china has a truly amazing HUMINT network and espionage skills that much of our military is infiltrated or committing willful negligence of duty in prevent and protection. @babycat: PSYOP is pretty small on the AD side but I left the community to go play with Apaches and drones in 2018/19
milktoast
10:35
Daily check in , stay chillin
Mostlylegal
10:35
anyone touring hls today?
FormerLN
10:35
Same @m10
glovediedthisishismom
10:35
https://open.spotify.com/track/5Ss6DqCldgTmIo6BekVOJT?si=2f204de5813148d7
Mostlylegal
10:36
also my softs are bordering t3-t2. would it be worth for me to R+R if im trying for t4
soap
10:36
Maybe see where you get in, then R&R if you feel it’s necessary?
m10
10:36
Psyop guys will try and convince you they are like secret masterminds. I had this one guy whose wife would call me every week and she would tell me about how her husband just like disappeared and could not be found cus he was a specialy trained psyop officer. I found his phone number and called him the same day online. That woman was gaslit so hard.
babycat
10:37
is t4 HYSC? yeah prob your odds are not too great for those with 3.7 and 171 unless you’re really extraordinary
WorthlessAttractiveZombie
10:37
I agree with soap on this one, just wait it out and see where you get into. You could always transfer (although I wouldn't go in with the intention of transferring)
soap
10:37
Transferring is hard and you don’t get money. I wouldn’t do anything with the intent of transferring
[] texaslawhopefully
10:38
Disagree with the transfer. But, yeah a 3.7, 171 is not HYSC material—so unless you’re a Rhodes scholar, or something it is highly unlikely.
JumpySubsequentDolphin
10:38
did he mean t14
JumpySubsequentDolphin
10:38
I’ve never heard anyone call it t4 hahah
JumpySubsequentDolphin
10:39
I thought it was always t6 and t3
soap
10:39
If you’re aiming for T14, that’s definitely doable
Mostlylegal
10:39
nah t4 is a thing, maybe old ive been on lsa and lsd for like 4 years now lol
m10
10:39
Fuck this all reminds me. I got to call and see if I am still being deposed.
JumpySubsequentDolphin
10:40
@Mostlylegal: oh oops hehe
BulbasaurNoLikeCardio
10:40
@m10: most of PSYOP are guys who failed SFAS and Ranger so much so they can't go back and think being SOCOM makes them SF. I loved the cultural side of it all, going to embassies and running influence operations. Doing KLEs and training with foreign militaries was amazing. Learned so much about the world by talking to those who live all over it. Then got lucky and worked with a Marine HIT overseas and would tag along when they kidnapped people to do some stuff lol The rest of the time was a lot of reports and KLEs
babycat
10:40
t4 is a concept being perpetuated by Big Chicago
soap
10:41
Chicago rejected me in undergrad, so I have beef
shaquilleoatmeal
10:41
Was there an hls ii wave yesterday?? Didn’t go online at all and feel out of the loop lmfao
m10
10:42
@BulbasaurNoLikeCardio: Did not know that but it makes sense. That sounds like a cool career. I would have liked to have done that too. I really would have just liked to have gone OCONUS once.
m10
10:44
I was talking to this 88H in a bar last weekend and he had some wild story about being interrogated by the FBI and CIA and shit to get a top-secret clearance or something so he could drive a forklift around Europe, Korea, and Africa. It sounded like a bunch of bullshit to me but do you know if something like that could be true?
babycat
10:45
@shaquilleoatmeal: yeah so I’ve heard
jackfrost11770
10:46
i don't know any of this military talk but i was going to be a combat medic or trauma surgeon for so long before i went this track lol, so my only exposure is seriously looking and visiting places like west point for recruitment lol. i speak russian so everyone always told me that raises your chances at those places lol
jackfrost11770
10:46
my brother is a combat medic too
BulbasaurNoLikeCardio
10:46
@m10: was a great career, the main job is being a cultural expert building rapport and relationships with foreign nationals, militaries and even people hostile to make the area safer and at times bring in the ODAs or three letter guys to train, arm and fund them to aid in their(our) cause. OCONUS is great but not necessary, I only did two real deployments but a lot of missions to places. That is all 110% BS. I have a TS-SCI, worked with federal agencies they do nothing crazy like that.
shaquilleoatmeal
10:47
Damn - 3rd invite missed smh no love for me from hls
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