A more thorough explanation:

Definition: A document that proves someone has been released from a debt or other obligation. It is a receipt or release that shows payment has been made in full.

Example: John borrowed $500 from Jane to pay for his car repairs. After he paid her back, Jane gave him an acquittance to show that he no longer owed her any money.

Explanation: In this example, the acquittance is a document that proves John has paid back the money he borrowed from Jane. It shows that he is no longer obligated to pay her back and has been released from the debt.