A person is said to provide good acquittance to an administration when any payment made to that individual releases the administration from any further financial obligations regarding that payment. This concept is important in various legal contexts, particularly in financial transactions and administrative dealings.
The term "good acquittance" is commonly used in legal and administrative settings, particularly in matters involving financial transactions and liability. It is relevant in areas such as:
Understanding good acquittance can help individuals and businesses manage their financial responsibilities effectively. Users can utilize legal templates from US Legal Forms to create documents that ensure proper acquittance and protect against future claims.
Here are a couple of examples of abatement:
Example 1: A contractor completes a project for a government agency and submits an invoice. Upon payment, the contractor provides a receipt that states the agency is no longer liable for any claims related to that project.
Example 2: A landlord returns a security deposit to a tenant. The tenant signs a document acknowledging receipt of the deposit, thereby releasing the landlord from any further claims regarding the deposit. (hypothetical example)
Examples of state differences (not exhaustive):
| State | Variation |
|---|---|
| California | Good acquittance may require specific language in contracts to be enforceable. |
| New York | Good acquittance is often implied in written agreements unless explicitly stated otherwise. |
| Texas | State law may require additional documentation for good acquittance in certain transactions. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| Release | A legal document that relinquishes a party's right to make further claims. | Good acquittance is a broader concept that includes the release of liability upon payment. |
| Settlement | An agreement reached between parties to resolve a dispute. | Good acquittance may occur as part of a settlement but is not limited to disputes. |
If you find yourself in a situation where good acquittance is relevant, consider the following steps:
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Good acquittance is the concept that a payment made to a person releases the administration from any further liability regarding that payment.