Forgiving a debt or loan:[1]
A person who forgives a debt or loan cannot legally go back on his word, and the loan or debt is considered legally null and void from there on. There is no need for any acquisition to take place to legally affect the nullification of the debt, and simply saying that one forgives the loan suffices to make it legally binding. This, however, is with exception to a case in which the forgiveness was done out of error, in which case even if an acquisition took place it is not legally binding.[2]
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[1] Admur C.M. Dinei Mechira Umatana Halacha 2; Rama C.M. 241:2; Tur 241:2; Rambam Hilchos Mechira 5:11; Zechiya Umatana 3:2; Tosafus Sanhedrin 7a; Bava Metzia 112a; See Imrei Yaakov on Admur ibid 1:11-12 Shaar Hatziyon 40-45 and Likkutim 2:7 Mekoros 19-21
[2] Admur ibid; Rama C.M. 241:2; Mordechai Sanhedrin 1 Remez 682; Maharik Shoresh 111; Tosafus Sanhedrin 7a
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