Acquittance (Debt Discharge) – Definition

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Acquittance (Debt Discharge) Definition

An acquittance is proof that an individual (a debtor) has been discharged from a debt obligation. An acquittance is a document or a receipt that reveals that a debtor has made full payment of their debt obligation.

It is an evidence showing that the debtor has satisfied all the terms of a debt obligation.

A Little More on What is an Acquittance

When a debtor has fulfilled all debt obligations, the lender issues acquittance to such a person as an evidence for full payment. A lender, a bank, a mortgage lender or an institutional lender can issue acquittance.

Acquittance are letters or documents revealing that a lender is satisfied with payment made by debtor. Once an acquittance is issued, no further payment is expected from the debtor. Acquittance is also useful for future purposes, in mortgage for example, an individual can present the acquittance documents as proof that he had fulfilled all debt obligations associated with the loan.

Acquitances are used in revolving debts and installment debts.  An installment debt is different from a revolving debt, below are some explanations.  An installment debt is a debt incurred by an individual and is to be repaid on a fixed schedule, at installment. This schedule call be monthly, quarterly or even weekly as agreed by the lender and a debtor. Also, people can make purchase to pay in installments, an individual that purchases an instrument with $1000 may have an agreement with the seller to spilt the payment and spread out across 3 or 6 months.  A revolving debt on the other hand is associated with credits, in this form of issued debt, an individual acquires charges, pays them in full and then acquire new charges as he continues using the credit card.

Reference for “Acquittance”

https://financial-dictionary.thefreedictionary.com/Acquittance

https://www.investopedia.com › Personal Finance › Mortgages

www.businessdictionary.com/definition/acquittance.html

https://www.mbaskool.com › Concepts › Finance and Economics

https://www.money-zine.com/definitions/investing-dictionary/acquittance/

https://www.shmoop.com/finance-glossary/acquittance.html

Academic research on “Acquittance”

Private financial instruments in medieval England, Postan, M. M. (1930). Private financial instruments in medieval England. Vierteljahrschrift für Sozial-und Wirtschaftsgeschichte, 23(H. 1), 26-75.Financial crises in emerging markets, Lámfalussy, S. (2001). Financial crises in emerging markets. Authors of this Issue, 205.

The Medici Bank financial and commercial operations, De Roover, R. (1946). The Medici Bank financial and commercial operations. The Journal of Economic History, 6(2), 153-172. According to the articles of association forming the Medici partnerships, the purpose of the banco in Florence and of the branches abroad was “to deal in exchange and in merchandise with the help of God and good fortune.” When we ask just what is meant by dealings in exchange and in merchandise, we are led to examine how the Medici raised the funds with which they operated, to study their role as fiscal agents of the papacy and lessees of the Tolfa alum mines, to consider the technique they used in international banking, and to look into the reasons for their failure. The Medici did not innovate in international banking, they followed existing business practice; but their records are an extremely valuable source of information, if only for the sake of comparison. Let us begin by finding out what is meant by dealings in exchange and then tackle the other problems.

Problems of Acquittance in the Civil Law and Established Practice in Applying the Law, Guz, E. (2014). Problems of Acquittance in the Civil Law and Established Practice in Applying the Law. Law Rev. Kyiv UL, 207.

Explanation of the importance of innovation and government support on profit of Food industry companies listed on the Tehran Stock Exchange, Fosouli, M., KhaniJazani, J., & Hajikarimi, A. (2016). Explanation of the importance of innovation and government support on profit of Food industry companies listed on the Tehran Stock Exchange. International Journal of Humanities and Cultural Studies (IJHCS) ISSN 2356-5926, 1(1), 789-803. Development of food industry and paying more attention to the quality of the productionsopens up also new possibilities for the issuance of additional products and all evidences suggest that with development of food industries, we can gain more Rial and foreign exchange revenue. Since profitability is an important indicator of performance evaluation of companies, therefore identifying factors that increase the profitability of companies is of great importance. In this study to assess factors affecting the profitability of companies that are active at food industry, we reviewed important factors such as innovation in companies, Service Supporting the supplier’s Product (SSP), Service supporting the client’s action in relation with the supplier’s product (SSC),state economic and social support. During the study after identifying the dimensions of the issue some hypotheses were formulated and survey research and statistical methods were used to test the hypotheses. Quintet whole Likert questionnaire was setted out to collect the information and was given to the members of sample tio be completed. To determine the justifiability of research questionnaire content validity test was used according to opinions of experts and using SPSS software reliability of questionnaire was attained 0.825.The statistical population of this research was food industry companies listed in Tehran stock exchange and sampling method in this research has been as possible (random) simple and the sample size due to unlimited statistical population using the Cochrane formula for unlimited community was considered 196.The research hypotheses were tested through correlation and regression and for analyzing data and testing hypotheses, SPSS statistical software was used.The results indicated that all the factors in the study that were considered as influencing factors on profitability of companies on hypothesis, had significant effect on profitability of food industry companies.

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