Virginia Acknowledgment by Debtor of Correctness of Account Stated

• Category: Contracts - Acknowledgments
• State: Multi-State
• Control #: US-0036BG
• Format: Word; Rich Text

Description

An account stated must be based on the parties' mutual assent; it must appear, at the time of the statement, that indebtedness from one party to the other existed and that a balance was then struck and agreed to be the correct sum owing from the debtor to the creditor. There must be an exact, certain, and definite balance arrived at by the debtor and creditor.

Virginia Acknowledgment by Debtor of Correctness of Account Stated is a legal document that serves as a confirmation by the debtor that the account stated by the creditor is accurate and correct. The acknowledgment is often required in various financial transactions, such as loans, credit agreements, or other debt-related agreements. It helps establish the debtor's acknowledgment that the account balance and details provided by the creditor are accurate, preventing disputes or claims of incorrect balances in the future. The acknowledgment typically includes relevant information such as the names and addresses of both the debtor and the creditor, the date, and a section for the debtor's signature. The document may also specify the exact account details, including the principal balance, interest rates, payment terms, and any other financial terms relevant to the debt. There may be various types or variations of Virginia Acknowledgment by Debtor of Correctness of Account Stated, depending on the specific transaction or the preference of the parties involved. Some common types may include explicit acknowledgments for specific types of debts such as mortgages, auto loans, or credit card accounts. These variations may also include additional clauses or provisions specific to the particular transaction or legal requirements. The purpose of this acknowledgment is to ensure that both the debtor and the creditor are in agreement with the stated account balance and all related financial terms. By signing this document, the debtor is essentially confirming the correctness of the account as provided by the creditor. This acknowledgment can serve as crucial evidence in case of a dispute or legal proceedings related to the debt, as it demonstrates the debtor's agreement to the terms and figures stated in the account. Overall, the Virginia Acknowledgment by Debtor of Correctness of Account Stated is an essential document in financial transactions in Virginia. It helps establish clarity and agreement between the debtor and creditor regarding the accuracy of the account balance and details, promoting transparency and preventing future disputes.