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The settlement of an account between the parties, by which a balance is struck in favor of one of them, is called an account stated. An acknowledgment of a single item of debt due from the defendant to the plaintiff is sufficient to support a count on an account stated. A manifestation of assent by both parties to a stated sum as an accurate computation of the debt. An agreement between persons who have had previous transactions of a monetary character, fixing the amount due in respect to such transactions and promising payment.


An account stated may be broadly defined as an agreement based upon prior transactions between the parties with respect to the items composing the account and the balance due, if any, in favor of one of the parties. To effect an account stated, the outcome of the negotiations must be the recognition of a sum due from one of the parties to the other with a promise, express or implied, to pay that balance. The amount or balance so agreed upon constitutes a new and independent cause of action. The genesis of an account stated is the agreement of the parties, express or implied.


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