Receipts Law and Legal Definition
A receipt is a written acknowledgment by the recipient of payment for goods, payment of a debt or receiving property from another. Business owners have private policies governing a purchaser's right to return or exchange goods without a receipt indicating proof of purchase. A receipt may also be required as proof of ownership or purchase price in a variety of circumstances, such as insurance claims, lost property claims, and rebates.
Court rules, which vary by jurisdiction, may require receipts to be submitted to prove claims of loss or expenses and in certain accountings required by law.
A provisional receipt is issued for a transaction not yet completed, such a the receipt of a revised form, as proof of it being furnished. An acknowledgment receipt is a recipient's confirmation that the items were received by the recipient. A delivery receipt may is to acknowledge that something was delivered. A transmittal slip is used to confirm something was sent (but not necessarily received). The significance of an official receipt depends on the terms of the issuing office.
