Account Stated - Law Dictionary Search Results
Home Dictionary Name: account statedAccount stated
Account stated, An account stated is the admission of a balance due from one party to another, and that balance being due there is a debt; the statement of the account and the admission of the balance implies a promise in law to pay it; see Irving v. Veitch, (1837) 3 M&W 106. The account must have been stated before action brought. An account stated, however, creates only a prima facie liability, which may be rebutted by disputing the debts charged in the account, as, for instance, by proving mistake (among other ordinary defences); Camillo Tank Steamship Co. v. Alexandria Engineering Works, (1921) 38 TLR 134. For statutory power to re-open an account stated, see MONEY LENDERS ACT. By the Infants Relief Act, 1874 (37 & 38 Vict. c. 62), s. 1, an account stated with an infant is void.The expression 'account stated' has more than one meaning. It sometimes means a claim to payment made by one party and admitted by the other to be correct. There is, however, a second kind of account stated ...
account stated
account stated pl: accounts stated : an account presented by a creditor to his or her debtor which by implied or express acceptance has been agreed upon by both parties as correct ...
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
Book of account
Book of account, It involves either addition or subtraction or both of these operations of arithmetic. A book which contains successive entries of items may be a good memorandum book; but until those entries are totalled or balanced, or both, as the case may be, there is no reckoning and no account. In the making of totals and striking of balances from time to time lies the chief safeguard under which books of account have been distinguished from other private records as capable of containing substantive evidence on which reliance may be placed', CBI v. V.C. Shukla, (1998) 3 SCC 410: AIR 1998 SC 1406: 1998 Cr LJ 1905 (SC).-All companies registered under the (English) Companies Act,1929, are by s. 122 obliged to keep books of account of (a) all receipts and expenses with matters relating thereto; (b) all sales and purchases; and (c) the assets and liabilities of the company: these books are to be open to inspection by the directors-heavy penalties for non-compliance are imposed. The aud...
Appropriation Accounts
Appropriation Accounts, 'appropriation accounts' means accounts which relate the expenditure brought to account during a financial year, to the several items specified in the law made in accordance with the provisions of the Constitution or of the Government of Union Territories Act, 1963, (20 of 1963) for the appropriation of moneys out of the Consolidated Fund of India or of State, or of a Union Territory having a Legislative Assembly, as the case may be. [Comptroller and Auditor-General's (Duties, Power and Conditions of Service Act, (56 of 1971), s. 2(b)]...
Accounts officer
Accounts officer, means the Financial Commissioner of the Employees' State Insurance Corporation or such other officer as may be specified in this behalf. [Employees' State Insurance Corporation (General Provident Fund) Rules, 1995, R. 2 (1) (a)]...
I.O.U
I.O.U., a written acknowledgement of a debt, so called because it commences with those letters, which custom has substituted for the words I owe you, because they have the same sound. It ordinarily runs thus:-'To Mr. A.B., I.O.U. twenty rupees. C.D January 1st, 2008.'If in the above form, it requires no stamp, being neither receipt, agreement, not promissory note. If it contains a promise to pay the money, it must be stamped as a promissory note, or as an agreement, if it contains terms of agreement the subject of which is of the value of 5l. It should be addressed to the creditor by name, but that is not essential to its validity. It is evidence of an account stated with the creditor, if named; if he is not named, it is prima facie evidence of an account stated with the person producing it. It is not negotiable....
Infant
Infant [fr. infans, Lat., one who cannot speak], a person under twenty-one years of age, whose acts are in many cases either void or voidable. See AGE.At Common Law, the contracts of infants are divided into three classes: 1st. Those which are absolutely void; such as are positively injurious to the interests of the infant, and can only operate to his prejudice; as a surety-bond, or a release to his guardian.2nd. Those which are only voidable: such as are beneficial to him, which he may affirm or avoid when he comes of age; as a conveyance of lands, a promissory note, an account stated.3rd. Those which are binding ab initio and need on ratification: such as contracts for the public service, Articles of apprenticeship [see Green v. Thompson, (1899) 2 QB 1], executed contracts of marriage, representative acts as executor or trustee, contracts for necessaries. In an action brought for the price of goods, if the defendant pleads infancy, the onus is on the plaintiff to prove that the goods...
Satisfactorily account
Satisfactorily account, the legislature has advisedly used the expression 'satisfactorily account'. The emphasis must be on the word 'satisfactorily', and the Legislature has, thus, deliberately cast a burden on the accused not only to offer a plausible explanation as to how he came by his large wealth, but also to satisfy the court that his explantation was worthy of acceptance, C.S.D. Swami v. State, AIR 1960 SC 7 (10): (1960) 1 SCR 461. [Prevention of Corruption Act, 1947, s. 5(3)]...
Accountant or Accomptant
Accountant or Accomptant, one whose business it is to compute, adjust, and range in due order accounts; also to audit accounts. The Institute of Chartered Accountants in England and Wales was incorporated by Royal Charter, May 11th, 1880. No person is entitled to describe himself as a chartered accountant unless he is a member of an Institute of Accountants incorporated in the United Kingdom by Royal Charter; see Society of Accountants in Edinburgh v. Corporation of Accountants Ltd. (1893) 20 R 750; Society of Accountants and Auditors v. Goodway, (1907) 1 Ch 489....
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