In July 2021 Attorney-at-Law Eva Mägi’s article “Supreme Court specified the preconditions of validity of the acknowledgement of debt” was published in the journal Raamatupidamisuudised.
In the judgement Supreme Court pointed out i.a. that upon evaluating the validity of the acknowledgement of debt the court should independently evaluate whether the acknowledgement of debt has been concluded on standard terms or not, whether the standard terms have become part of the contract and whether the standard terms apply.
In addition, it should be evaluated in the light of this new judgement whether the acknowledgement of debt is in accordance with imperative provisions of law. For example, if the debt originates from employment relationship then the imperative provisions of the Employment Contracts Act should also be taken into account. It is important to follow the guidelines of the Supreme Court upon completing or issuing the acknowledgement of debt as otherwise the acknowledgement of debt might turn out to be void and desired legal consequences will also not occur.
Eva Mägi’s article can be read by subscribers to the magazine or registered users of the accounting and legal news website rup.ee.