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Simple English definitions for legal terms
acquittance
Read a random definition: factorage
A quick definition of acquittance:
Acquittance: A paper that says you don't owe someone money anymore. It's like a receipt that shows you paid everything you owed. The word "acquit" means to free someone from a charge or debt.
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.