money and financial problems

Definition

A statement between a creditor and a debtor that settles the total amount of debt owed to the creditor. 

There are three elements of an account stated: (1) There exists prior transactions between the parties, creating a creditor-debtor relationship; (2) An agreement, express or implied, between the parties as to the total amount due; and (3) A promise by the debtor, express or implied, to repay the amount due.

See also 

• Acceleration clause

Definition

1) Abuse, generally: physically, sexually, or mentally injuring a person.

2) Child abuse: physically, sexually, or mentally injuring a child either with intent or through neglect.

3) Substance abuse: excessively using or misusing a legal or illegal substance.

4) In bankruptcy: filing under chapter 7 by a debtor whose monthly, disposable income exceeds $10,950 or 25% of his or her non-priority unsecured debt (if at least $6,575) for a five-year period is presumptively abusive, requiring dismissal or conversion to chapter 13.

Definition

Latin for "as much as he has deserved."  An equitable remedy that provides restitution for unjust enrichment.  Damages awarded in an amount considered reasonable to compensate a person who has provided services in a quasi-contractual relationship.  See quasi-contract.

A claim in quantum meruit is usually an action to recover the reasonable value of services rendered by one party to another.

Definition

Abbreviation for accounts receivable.

Definition

See accounts receivable.

Definition

A type of savings account made possible by federal law.  By creating a financial plan under 26 U.S.C. 401(k), employers can help their workers save for retirement while reducing taxable income.  Workers can choose to deposit part of their earnings into a 401(k) account on a pre-tax basis.  Furthermore, interest earned on money in a 401(k) account is never taxed before funds are withdrawn.

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment. 

Definition

A Latin term meaning "by intestacy."  The term refers to laws governing the succession of property after its previous owner dies without a valid will.