Which of the following refers to the release from debt or obligation?

The term that refers to the release from debt or obligation is remission. In a legal and financial context, remission is often associated with the cancellation or reduction of a debt, liability, or an obligation, indicating that the debtor is no longer required to fulfill the payment or conditions initially owed. This can occur in various legal situations, including bankruptcy or settlements.

While other terms like discharge and forgiveness might seem similar, they have distinct meanings: discharge typically refers to the legal elimination of a debt, often through a court process, and forgiveness applies to the act of letting someone off the hook for a debt, usually characterized by a charitable or compassionate act, rather than a legal obligation. Exemption, on the other hand, refers to being freed from a rule or liability, but not specifically tied to a debt. Thus, remission is the most appropriate term for the release from a specific debt or obligation.