TeachMeFinance.com - explain Receipt
receipt -- a written acknowledgment that something of value was received.
Receipt -- 1. Any written acknowledgment of value received. It is a mere admission of a fact without containing any affirmative obligation.
Receipt -- An acknowledgment of the payment of money or discharge of an obligation or an acknowledgment of the possession of something. A receipt for money is not always conclusive. A receipt is held to be true until shown to be false. The one who alleges its falsity must prove his allegation. When proved to be incorrect or false a receipt ceases to be binding. A check delivered and paid is the best kind of evidence of the payment of an obligation.
About the author
Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.