An account serves as a documentation of financial transactions between individuals or entities. It is utilised to monitor outstanding or settled payments and to resolve conflicts. Various types of accounts exist, including bank accounts, joint accounts, and trust accounts. Certain accounts have specific regulations, such as tax-deferred accounts that enable individuals to save money without tax obligations until withdrawal. Being accountable entails taking responsibility for one’s actions and being capable of providing explanations for them.
A long account refers to a comprehensive record of financial transactions between parties involved in a contract or fiduciary relationship. It includes a detailed statement of debits and credits. For instance, an executor may file an annual account to document their dealings with an estate. Similarly, a brokerage account allows investors to buy or sell securities on credit, with the securities serving as collateral for the broker’s loan. Additionally, a joint bank account opened by multiple individuals provides each party with the right to withdraw funds, and upon the death of one party, the survivors become the sole owners of the account. In all these examples, a long account serves as a detailed reckoning of monetary dealings between the involved parties.
A long account is a detailed record of financial transactions between two parties over a period of time.
A long account is important because it provides a clear and accurate record of financial transactions between two parties, which can be used as evidence in legal disputes.
To create a long account, you need to keep a detailed record of all financial transactions between you and the other party, including dates, amounts, and descriptions of the transactions.
Yes, a long account can be used as evidence in court to support your case in a legal dispute.
You should keep a long account for as long as necessary to support your case in a legal dispute. This may vary depending on the nature of the dispute and the applicable statute of limitations.
If you discover errors in a long account, you should notify the other party and attempt to resolve the issue through negotiation or mediation. If this is not possible, you may need to seek legal assistance.
Yes, a long account can be used to prove breach of contract if it shows that one party failed to fulfill their obligations under the contract.
Yes, a long account can be used to prove fraud if it shows that one party intentionally misrepresented or concealed information in order to deceive the other party.
Yes, a long account can be used to prove negligence if it shows that one party failed to exercise reasonable care in their financial transactions with the other party.
No, you do not necessarily need a lawyer to create a long account. However, it may be helpful to consult with a lawyer to ensure that your long account is accurate and complete, and to understand how it may be used in a legal dispute.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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