Account Stated is a bill or invoice, which a creditor (to whom the money owed) sends to a purported debtor (the person who owes) summarizing particular transaction/s and amount/s owed. If the Debtor holds on to the bill or invoice for an unreasonably long time without protesting to the contents, Creditor will be able to use the bill or invoice as the basis for a lawsuit on an “Account Stated.” This tool is to the advantage of Creditors, who do not have to prove performance for each account, but must merely show that they sent the stated account, and that the Debtor did not object to its content. In other word, law places a duty to read and to object to purported Creditor’s bills and invoices, if inaccurate or sometimes fraudulent.
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