I must confess, this post is rather late. We first saw the קצוה"×— on which it's based last Thursday night, but until tonight (Mon), I didn't really have a clear enough understanding in everything to feel comfortable letting anyone see my (limited) understanding. Thanks to some clarifications in today's שיעור and a discussion with my חברות×, I now feel I understand this fairly well.
The שולחן ערוך writes that מחילה works without any ×§× ×™×™×Ÿ required. That is, if Reuven owes Shimon money, and wants to forgive the debt, he can do so without any formal מעשה ×§× ×™×™×Ÿ. There's a discussion amongst the ×¤×•×¡×§×™× whether this is true if Shimon has a שטר testifying to Reuven's deby.
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