A business record of a customer's account which indicates the total amount owed by the client at any given time. The book account serves as a clear basis for bringing suit on a customer's failure to repay the debt.
Definition from Nolo’s Plain-English Law Dictionary
An account of a customer kept in a business ledger of debits and credits (charges and payments), containing all the financial transactions with that party during the period. It provides a clear statement of the amount due from or to that party at any time.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm