A mutual or reciprocal release from debt or obligation; a discharge or settlement that works both ways between two parties.
From 'counter-' (mutual, reciprocal) plus 'acquittance' (release from debt, from Old French 'acquiter', to pay off). This is a technical legal or financial term for mutual settlement.
This is an archaic legal term from when written acquittances (receipts proving you paid a debt) were literally given back and forth—'counteracquittance' meant both parties proved they'd paid each other what they owed!
Complete word intelligence in one call. Free tier — 50 lookups/day.