Practice point: An account stated is an agreement between parties to an account based on prior transactions between them with respect to the correctness of the account items and balance due.
Students should note that the agreement may be express or implied from the retention of an account rendered for an unreasonable period of time without objection.
Fleetwood Agency, Inc. v. Verde Elec. Corp., NY Slip Op 05224 (2d Dept. 2011
Monday's issue is vacating a default.
