Acquittance (noun):
1. A formal document or written evidence that confirms the discharge or release of a debt, obligation, or liability.
Example: The borrower received an acquittance from the lender after repaying the loan in full.
2. The act of clearing or settling a debt, obligation, or liability, usually through payment or fulfillment.
Example: The acquittance of the outstanding balance was made by the customer through an online transaction.
3. A legal term referring to the release or discharge of a person from a legal claim, charge, or accusation.
Example: The court granted the defendant an acquittance, declaring him innocent of all charges.
4. A receipt or proof of payment, often used in commercial transactions, to confirm that a payment has been made.
Example: The customer requested an acquittance from the store to keep as proof of purchase.
5. A document or record that serves as evidence of the completion of a task, duty, or responsibility.
Example: The employee submitted an acquittance to the supervisor to demonstrate the successful completion of the assigned project.
Acquittance is a legal term that refers to the release or discharge of a person from a debt, obligation, or liability. It is a written document that confirms the payment or satisfaction of a debt or the fulfilment of an obligation. The acquittance serves as evidence that the debtor has fulfiled their duty and is no longer liable for the debt or obligation. It is typically signed by the creditor or the party owed the debt, acknowledging that they have received the payment or performance required. Acquittance is an important legal tool that provides protection to both parties involved by ensuring that the debt or obligation has been properly discharged.
Q: What is an acquittance?
A: An acquittance is a legal document that serves as proof of payment or release from a debt or obligation.
Q: When is an acquittance used?
A: An acquittance is typically used when a payment has been made in full, and the recipient wants to acknowledge that the debt or obligation has been satisfied.
Q: What information should be included in an acquittance?
A: An acquittance should include the date of payment, the amount paid, the name of the payer, the name of the recipient, and any relevant details about the debt or obligation being discharged.
Q: Can an acquittance be used for any type of payment?
A: Yes, an acquittance can be used for various types of payments, including loans, invoices, rent, or any other financial transaction where a debt is being settled.
Q: Is an acquittance legally binding?
A: Yes, an acquittance is a legally binding document that provides evidence of payment or release from a debt. It can be used as proof in case of any disputes or legal issues.
Q: Can an acquittance be revoked or canceled?
A: Generally, an acquittance cannot be revoked or canceled once it has been issued, as it signifies the completion of a payment or release from a debt. However, specific circumstances or legal provisions may allow for revocation or cancellation.
Q: Is it necessary to have an acquittance for every payment made?
A: While it is not always necessary to have an acquittance for every payment, it is highly recommended to obtain one, especially for significant payments or when dealing with unfamiliar parties. It provides a clear record of the transaction and protects both parties involved.
Q: Can an acquittance be used as proof for tax purposes?
A: Yes, an acquittance can be used as proof of payment for tax purposes. It helps in documenting expenses, deductions, or any financial transactions that may impact tax liabilities.
Q: How should an acquittance be stored or preserved?
A: It is important to keep the original copy of an acquittance in a safe and easily accessible place. It is also advisable to make digital copies or store electronic versions as a backup for future reference.
Q: Can an acquittance be used internationally?
A: Yes, an acquittance can be used internationally, as long as it complies with the legal requirements of the respective jurisdiction. However, it is recommended to consult local laws or seek legal advice when dealing with international
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: 29th March 2024.
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