Legal Question in Credit and Debt Law in Virginia
SOL Corporate Debt
What is the statute of limitations for a company owing vendors? We are incorporated in DE doing business in VA.
May I have the definition for oral and written contract, promissory note and open-ended accounts? Thank you for your time.
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1 Answer from Attorneys
Re: SOL Corporate Debt
Oral and written contracts usually involve a promise by one party to pay compensation of one kind or another to the other party to the contract for the value of goods and/or services received. Oral contracts have a statute of limitations of three years and written contracts five years in the Commonwealth.
A promissory note usually involves a written promise to pay a specific sum of money under certain conditions to a particular person or entity within a particular time frame.
Open-ended accounts are frequently used by merchants/commercial vendors as a kind of revolving credit account extended to the regular purchasers of their goods and/or services and to those with whom they frequently do business.
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