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 Virginia Complaint Against the Guarantor of Open Account Credit Transactions — Breach of Oral or Implied Contracts is a legal action taken against a guarantor who fails to fulfill their obligations in credit transactions involving open accounts. This type of complaint is filed when the guarantor breaches an oral or implied contract associated with the credit transaction. Here is a detailed description of this complaint, along with relevant keywords: Title: Virginia Complaint Against Guarantor of Open Account Credit Transactions — Breach of Oral or Implied Contracts Keywords: Virginia complaint, guarantor, open account credit transactions, breach, oral contract, implied contract Description: A Virginia Complaint Against the Guarantor of Open Account Credit Transactions — Breach of Oral or Implied Contracts is a legal document filed by the creditor or seller who has extended credit to a debtor or buyer. In such cases, a guarantor guarantees the fulfillment of the debtor's obligations, ensuring that payments are made on time and other terms of the credit arrangement are met. However, when the guarantor fails to honor their commitments, a complaint is filed. This complaint alleges that the guarantor, who had entered a contract with the creditor or seller, has breached their obligations. It focuses specifically on breaches related to oral or implied contracts, which are legally binding agreements that may not be explicitly stated in writing. The complainant must provide evidence to support their claims, including any contract agreements, communications, or other relevant documentation. Different types or variations of a Virginia Complaint Against the Guarantor of Open Account Credit Transactions — Breach of Oral or Implied Contracts may include: 1. Breach of Oral Contract: This complaint is filed when the guarantor fails to fulfill the obligations outlined in an oral contract associated with an open account credit transaction. The complainant needs to establish the existence and terms of the oral contract. 2. Breach of Implied Contract: This complaint is filed when the guarantor fails to fulfill obligations that were implied in the credit transaction. Implied contracts are legally binding agreements that are formed based on the parties' actions or conduct, rather than explicit written terms. 3. Allegation of Non-Payment: This type of complaint focuses specifically on the guarantor's failure to make timely payments as agreed upon in the open account credit transaction. The complainant must provide evidence of the non-payment, such as invoices, account statements, or payment records. 4. Assertion of Guarantor's Non-compliance: This complaint alleges that the guarantor has violated specific terms of the credit agreement beyond non-payment, such as failing to provide collateral, not maintaining insurance coverage, or breaching any other terms agreed upon in the original contract. In summary, a Virginia Complaint Against the Guarantor of Open Account Credit Transactions — Breach of Oral or Implied Contracts is a legal action taken against a guarantor who fails to fulfill their obligations in credit transactions involving open accounts. It may involve breaches of oral contracts, breaches of implied contracts, non-payment allegations, or accusations of non-compliance with the credit agreement.
