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.
Description: A Wake North Carolina complaint against a guarantor of open account credit transactions for breach of oral or implied contracts refers to a legal action taken against a person who has guaranteed the payment of an open account credit transaction but has failed to fulfill their obligations. When a guarantor commits a breach of oral or implied contracts, it means they have failed to uphold their promise or contractual agreement to be responsible for the debt if the debtor defaults. This complaint seeks to hold the guarantor accountable for their failure to meet their obligations. There can be different types of complaints against a guarantor of open account credit transactions for breach of oral or implied contracts. These types may include: 1. Non-Payment: This type of complaint arises when the debtor fails to make the required payments, and the guarantor neglects their obligation to fulfill the payment on behalf of the debtor. 2. Insufficient Funds: If the guarantor fails to provide the necessary funds to cover the debtor's unpaid balances, this complaint can be filed. The guarantor's failure to fulfill their commitment can result in financial harm to the creditor. 3. Late Payment: If the guarantor fails to make timely payments according to the agreement, the creditor may file a complaint against them. Late payments can have adverse effects on the creditor's cash flow and financial stability. 4. Refusal to Honor Guarantee: In some cases, a guarantor may refuse to fulfill their contractual obligations altogether, disputing the validity or enforceability of their guarantee. In such instances, the creditor may file a complaint to seek enforcement of the guarantee. It is important for the complainant to gather sufficient evidence of the breach, including any written or oral agreements, correspondence, transaction records, and proof of non-payment or late payment. Proper documentation and legal representation can strengthen the case and increase the chances of a successful resolution. In summary, a Wake North Carolina complaint against a guarantor of open account credit transactions for breach of oral or implied contracts seeks legal recourse against a guarantor who has failed to meet their obligations to guarantee payment. Different types of complaints can arise based on the specific breach, including non-payment, insufficient funds, late payment, and refusal to honor the guarantee. Proper evidence and legal representation are essential to pursue a successful resolution.
