An open account is an account based on continuous dealing between the parties, which has not been closed, settled or stated, and which is kept open with the expectation of further transactions. An open account is created when the parties intend that the individual items of the account will not be considered independently, but as a connected series of transactions. In addition, the parties must intend that the account will be kept open and subject to a shifting balance as additional related entries of debits and credits are made, until either party decides to settle and close the account. This form is a complaint against a guarantor of such an account.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Texas Complaint Against Guarantor of Open Account Credit Transactions — Breach of Oral or Implied Contracts is a legal document filed in Texas to address a situation where a guarantor fails to fulfill their obligations in relation to open account credit transactions, either through breach of an oral or implied contract. This type of complaint seeks to enforce the guarantor's responsibility for debts or obligations incurred by the borrower. In Texas, there are various types of complaints that may be filed against a guarantor for breach of oral or implied contracts in open account credit transactions, including: 1. Express Oral Contract Breach: This type of complaint arises when there is an explicit agreement between the creditor and the guarantor, outlining the terms and conditions of the guarantee. If the guarantor fails to honor their obligations as specified in the oral contract, the creditor may file a complaint seeking remedies. 2. Implied Contract Breach: An implied contract is created through the actions and conduct of the parties involved, rather than through explicit agreements or negotiations. If the guarantor's actions or conduct indicate their intent to be held responsible for the borrower's debts or obligations, a complaint can be filed if they breach their implied contract. 3. Inadequate Security: In some cases, a complaint may be filed against a guarantor for providing inadequate security towards the borrower's obligations, resulting in a breach of contract. The creditor may argue that the guarantor failed to fulfill their duty to provide sufficient security for the credit transactions. 4. Failure to Perform: This type of complaint is filed when the guarantor fails to perform their obligations as outlined in the oral or implied contract. It may include situations where the guarantor refuses to make payments, fails to provide timely notifications of default, or neglects their role in overseeing the borrower's financial responsibilities. 5. Unjust Enrichment: A complaint based on unjust enrichment can be filed against a guarantor if they have benefited from the open account credit transactions but refuse to fulfill their obligations. The creditor may argue that the guarantor should not be allowed to retain the benefits obtained from the transactions without compensating the creditor. Overall, a Texas Complaint Against Guarantor of Open Account Credit Transactions — Breach of Oral or Implied Contracts is a legal tool to ensure that guarantors fulfill their responsibilities towards open account credit transactions in accordance with the terms and conditions agreed upon either orally or implicitly.
