1、 Debt cancellation shall meet the following conditions:
 1. The creditor must have valid legal creditor's rights to cancel the debt;
 2. The creditor must be a person with full civil capacity;
 3. The creditor releasing the debt shall notify the debtor or his agent;
 4. The cancellation of debt shall not harm the interests of a third party;
 5. The debtor fails to refuse within a reasonable time.
 2、 The creditor's debt relief has the following characteristics:
 1. Exemption is an act without cause.
 2. Exemption is a gratuitous act.
 3. Exemption does not require a specific form.
 4. Exemption is the act of disposing creditor's rights.
 5. The exemption may be conditional or time limited.
 6. The creditor may discharge part of the debt or all of the debt.
 7. The obligor or its agent shall be notified of the release, and the expression of intention to release to a third person shall not have legal effect.
 [Legal Basis]
 Article 575 of the Civil Code of the People's Republic of China states that if the creditor releases the debtor in part or in whole, the creditor's rights and debts shall terminate in part or in whole, except that the debtor refuses within a reasonable period.