account

General term for a statement of pecuniary transactions between two parties.

According to English law, an ‘account stated’ is one in which both debtor and creditor have agreed to the balance. The debtor is not, however, precluded from showing the existence of error, but if the account has been actually settled by payment it can be reopened only upon proof of fraud. A ‘settled account’ is a written statement, agreed to by both parties as correct, of the final position of two accounts.