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account stated definition
a statement between a creditor or the person to whom money is owed and a debtor
(the person who owes) that a particular amount is owed to the seller as of a certain
date. Often the account stated is a bill, invoice or a summary of invoices, signed
by the customer or sent to the customer who pays part or all of it without protest.
This is important when a frustrated businessman sues for "account stated" which
sets both the debtor's liability and the exact amount the debtor must pay, which
is less complicated than claiming a debt is due and payable. An account stated may
carry a longer statute of limitations (time to file suit) than some other forms
of debt depending on the state.
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