Legal Definitions - acquittance

An acquittance is a formal document that serves as proof that a debt or other legal obligation has been fully satisfied or discharged. It acts as a receipt or a release, confirming that one party no longer owes anything to another party regarding a specific matter.

• Example 1: Mortgage Repayment

  After twenty years, David makes his final mortgage payment to the bank. A few weeks later, he receives an official document from the bank stating that his home loan has been paid in full and the lien on his property has been released. This document confirms that David has fulfilled his financial obligation and no longer owes the bank money for the mortgage.

  This document is an acquittance because it formally discharges David from his debt obligation, providing written proof that the mortgage has been fully paid and the bank's claim on his property is extinguished.

• Example 2: Contractual Services

  A small business hires a freelance web designer to create a new company website. Upon completion of the project and after the final invoice has been paid, the business owner provides the designer with a signed letter. This letter confirms that all agreed-upon web design services have been delivered to satisfaction and that full payment has been received, releasing the designer from any further obligations related to that specific contract.

  The signed letter functions as an acquittance because it formally acknowledges the fulfillment of the contractual obligations by the web designer and confirms the receipt of payment, thereby releasing the designer from any further duties or liabilities under that agreement.