open account
Trading on the basis that payment will be debited to the customer's account and settled on the basis of the payment terms applicable to that account.

Easyform Glossary of Law Terms. — UK law terms.


open account
n.
(1) An unsettled account; an account intended to be used for future transactions.
(2) An account on which a buyer can make repeated transactions on credit.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


open account
n.
1 An as yet unsettled account.
2 A series of transactions that result in a single liability.
See also account.

Webster's New World Law Dictionary. . 2000.


open account
An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.

Dictionary from West's Encyclopedia of American Law. 2005.


open account
An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

Look at other dictionaries:

  • Open Account — (vgl. engl. „Offene Rechnung“) definiert Zahlungen im Auslandszahlungsverkehr, welche nicht mittels Akkreditiv oder Dokumenteninkasso abgesichert werden. Inhaltsverzeichnis 1 Arten 2 Vorgang 3 Siehe auch 4 Einzelnachweise …   Deutsch Wikipedia

  • open account — noun 1. credit extended by a business to a customer • Syn: ↑credit account, ↑charge account • Hypernyms: ↑open end credit, ↑revolving credit, ↑charge account credit • Hyponyms: ↑ …   Useful english dictionary

  • Open account — Arrangement whereby sales are made with no formal debt contract. The buyer signs a receipt, and the seller records the sale in the sales ledger. The New York Times Financial Glossary * * * open account UK US noun [C or U] E COMMERCE, COMMERCE ►… …   Financial and business terms

  • open account — Arrangement whereby sales are made with no formal debt contract. The buyer signs a receipt, and the seller records the sale in the sales ledger . Bloomberg Financial Dictionary * * * open account UK US noun [C or U] E COMMERCE, COMMERCE ► an… …   Financial and business terms

  • open account — account of expenses that can be used without limit; account in a collection of accounts which is brought up to date automatically …   English contemporary dictionary

  • open account. — See current account (def. 1). [1895 1900] * * * …   Universalium

  • open account — /ˌəυpən ə kaυnt/ noun an account where the supplier offers the purchaser credit without security …   Marketing dictionary in english

  • open account — /ˌəυpən ə kaυnt/ noun an account where the supplier offers the purchaser credit without security …   Dictionary of banking and finance

  • open account — An account the balance on which has not been ascertained; one which has not been closed, settled, or stated, and in which the inclusion of further dealings between the parties is contemplated. Anno: 1 ALR 1060 s. 39 ALR 369, 57 ALR 201. A… …   Ballentine's law dictionary

  • open account. — See current account (def. 1). [1895 1900] …   Useful english dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.