Open Account

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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.

References in periodicals archive ?
It also prohibited schools from requiring students to open accounts with specific institutions in order to receive student aid funds.
More than two-thirds of FCIB members polled who sell here do so on open account.
The government of Iran is to open accounts with South Korean banks in order to prevent disruption of bilateral trade.
According to Soltani, "International banks are refusing to open accounts for UAE-registered intermediary firms whose investors or chief executives are Iranian nationals.
And as Mirror Money has regularly pointed out, bank staff in branches are making it tough to open accounts even though head offices say they should.
The AlleyCat News-MLX partnership also allows Human Resource managers open accounts online and sign up their employees for an annual corporate subscription at a discounted rate.
banks could not open accounts for foreign companies or individuals unless they knew the owners' identities, and they couldn't open accounts for "brass plate" banks that didn't operate where they were registered or that didn't identify customers moving money through their correspondent accounts, which are devices for anonymously bundling and transferring funds.
Close bank and brokerage accounts in the old state and open accounts in the new one.
Beginning today, customers can open accounts with Fortune Bank.
While some former Wells Fargo employees explained how the bank duped people to open accounts that charged higher fees, some have taken to the streets asking people to quit the bank.
PACS and District Cooperative Banks may apply for nod to open accounts with Federal Bank
13, 2012 (CENS) -- Taiwan's Financial Supervisory Commission (FSC) has preliminarily decided to allow domestic banks to help local people open accounts at their Hong Kong and mainland Chinese branches, initially for the purpose of credit extension and then for wealth management business, which will enable local people to invest in renminbi-denominated products directly without going abroad.