The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1884-04-10
Receipts.

A receipt is a written acknowledge
ment of the payment of a debt. All
business men preserve receipts care
fully, that they may be able to show
payment, if, by any chance, a bill is
presented a second time.
A receipt in full will prevent a suit
for the recovery of all debts except
those by account; but a receipt for the
payment of an account is not valid,
unless the whole amount of the debt is
paid. If, by agreement, a part only is
paid, and a receipt in full is given, the
creditor must sue for the balance that
remains unpaid. The receipt, so given,
is valid only for the amount actually
paid.
This rule of law dates back to the
time of Queen Elizabeth. 1t is a just
rule; for every man who can ought
to pay his debts in full. Some excep-
tions, however, are made where, from
the circumstances of the case, it is just
TO modify it.
A receil t in full of an account, of
which the amount is unsettled, is
binding, though the debt proves larger
than was expected. Disputed accounts
may be settled by part payment, for
the law says that the amount so paid
was all that was actually due.
Part payment of a note will release
the debtor, if he takes a receipt in full,
for this rule applies only to accounts.
When a creditor receives a partial
payment from a friend or relation of
the debtor, a receipt in full will be
binding upon him. If he takes goods
or merchandise for a part of the debt,
and gives a receipt in full, he n
sue for the remainder; for the law says
that he took the goods on speculation
and must stand to his bargain.
When a creditor takes a note for a
part of his bill, and gives a receipt for
the whole, he a only recover the
amount of the note. Also, 4 part pay
ment made before the account is due,
or in some place other than that in
which it should be paid, will cancel the
debt, if a receipt in full is given. 1t
was a favor to the creditor to pay him
at that time or place, and his receipt is
binding.
If a man is unable to pay his debts in
full, and his creditors agree to take a
part in place of the whole, they are
bound by their receipts. The law ia
vorS compromises of this nature, since
they prevent lawsuits.
Although this rule sometimes bears
hardly On honest men, who are trying
to pay their debts, it is the best that can
be devised, as it reaches all classes of
men, both the honest and the dishonest.
When a seal is placed upon a receipt
the creditor is not allowed to claim that
law regards the seal as decisive evil
| 1,,aa hat tho uyhAlnM Inht for urhinh
the receipt was given was paid.
In the case of receiptG there is a
curiosity OF the law. 1t is well estab-
lished that, when a written contract is
produced in court, it cannot be altered
in any way by evidence by word of
mouth. 1t must stand Dr. fall by itself.
One would think that q receipt would
be governed by this rule, inasmuch as
it acknowledges in writing the full pay
ment of a debt. This being the case,
how can a creditor come into court and
show, by oral evidence, that though the
receipt acknowledges full payment,
only a portion of the bill was really
paidp To avoid this difficulty, the Law
creates what is called a legal fiction.
1t declares that the receipt is not, ir
itself. a contract, though it has most o.
the elements of one. It is merely evi.
dence of an oral contract, by which the
creditor agreed to take a portion of the
debt and release the debtor. Therefore
oral evidence of the extent of the pay.
ment may be admitted, for though 8
written contract cannot be altered BY
oral evidence, yet the meaning o.
written evidence may be altered by ora
evidence.-Y0uth'S Companion.