open and current account


open and current account
An account based upon running or concurrent dealings between the parties, which has not been closed, settled, or stated, and in which the inclusion of further dealings between the parties is contemplated. Plunkett-Jarrell Grocery Co. v Terry, 222 Ark 784, 263 SW2d 229, 44 ALR2d 917. See current account; open account.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • mutual, open, and current account — A mutual account which has not been closed, settled, or stated, but in which the inclusion of further dealings between the parties is contemplated. 34 Am J1st Lim Ac § 96 …   Ballentine's law dictionary

  • open current account — See open and current account …   Ballentine's law dictionary

  • current account — noun 1. that part of the balance of payments recording a nation s exports and imports of goods and services and transfer payments • Hypernyms: ↑accounting • Part Holonyms: ↑balance of payments, ↑balance of international payments 2. a bank account …   Useful english dictionary

  • current account — 1. Also called open account. an account of credits, debits, receipts, and expenditures between two individuals or companies, usually providing for settlement at the end of specified accounting periods. 2. (in certain foreign countries) a checking …   Universalium

  • current account — An open account, a running account. Anno: 51 ALR2d 334. An account based upon running or concurrent dealing between the parties which has not been closed, settled, or stated, and which is kept unclosed with the expectation of further transactions …   Ballentine's law dictionary

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  • account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you …   Financial and business terms

  • open — o|pen1 W1S1 [ˈəupən US ˈou ] adj ▬▬▬▬▬▬▬ 1¦(door/container etc)¦ 2¦(eyes/mouth)¦ 3¦(not enclosed)¦ 4¦(not covered)¦ 5 the open air 6¦(business/building etc)¦ 7¦(not restricted)¦ 8¦(opportunity)¦ 9¦(not secret)¦ 10¦ …   Dictionary of contemporary English

  • account — A detailed statement of the mutual demands in the nature of debit and credit between parties, arising out of contracts or some fiduciary relation. A statement in writing, of debits and credits, or of receipts and payments; a list of items of… …   Black's law dictionary


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