This paper discusses issues concerning the buyers’ payment of price of goods by way of an open account. First it defines the concept of the open account and examines the issues regarding performance and non-performance of payment obligation by the b...
This paper discusses issues concerning the buyers’ payment of price of goods by way of an open account. First it defines the concept of the open account and examines the issues regarding performance and non-performance of payment obligation by the buyer who pays by way of open account. The issues here include the amount and time of payment and the imputation of payments. Nextly, this paper examines issues on the off-set which can be used by the buyers and, in effect, reduces the payment amounts.