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Complaint Against Guarantor of Open Account Credit Transactions -...

Bronx New York Complaint Against Guarantor of Open Account Credit Transactions - Breach of Oral or Implied Contracts

Name: Bronx New York Complaint Against Guarantor of Open Account Credit Transactions - Breach of Oral or Implied Contracts
Brand: US Legal Forms
Rating: 4.76 (310 reviews)

Category:

Civil Actions - Complaints - Breach of Contract

State:

Multi-State

County:

Bronx

Control #:

US-01248BG

Format:

Instant download

Description

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.

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FAQ

What Is a "Consumer Credit Transaction"? Under New York law, the term "consumer credit transaction" means a transaction wherein credit is extended to an individual and the money, property, or service which is the subject of the transaction is primarily for personal, family, or household purposes.

Consumer credit is a way for people who spend money on products to get an advance on the money required to pay for the object. The most common example of consumer credit is a person using a credit card. He uses the credit card to pay for goods and services, then he repays the credit card company at a future date.

The elements of account stated are: (1) prior transactions between the parties which establish a debtor-creditor relationship; (2)an express or implied agreement between the parties as to the amount due; and (3) an express or implied promise from the debtor to pay the amount due.

Essentially, an account stated is a new contract under which the parties to prior transactions agree to a new balance due. Thus, a claim for an account stated is based not on the original transactions between the parties, but on the new, agreed upon contractual balance.

Account stated refers to a document summarizing the amount a debtor owes a creditor, and account stated is a cause of action in many states that allows a creditor to sue for payment.

12) How is Account Stated different from a breach of contract? An Account Stated establishes an implied contract whereas breach of contract traditionally refers to an expressly written contract. Account Stated is used when no contract exists, or when the plaintiff cannot prove the existence of the contract.

The term consumer credit transaction means any transaction in which credit is offered or extended to an individual for personal, family, or household purposes.

If the creditor does not send you a copy of your agreement and a statement of account within 12 working days, then they are not allowed to take further action against you to enforce the agreement in the court until they do so. If there never was any written agreement, the creditor cannot send you a copy.

A cause of action or right of action, in law, is a set of facts sufficient to justify suing to obtain money or property, or to justify the enforcement of a legal right against another party.

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For guarantors on credit applications or guaranty agreements. We see in the courts.Cotter and similarly situated customers (the "Cotter Complaint"). Families who have age-eligible children to enroll in the new school are encouraged to fill out this form to join our contact list to stay informed:.

Bronx New York Complaint Against Guarantor of Open Account Credit Transactions - Breach of Oral or Implied Contracts

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