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.

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  • 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

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  • 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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  • 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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