What is the legal basis for deeming a balance confirmation to be an acknowledgment of debt in commercial transactions?

The fundamental principle concerning a confirmation document is that it embodies the acknowledgment of its signatory. A balance confirmation is deemed an acknowledgment by the confirmer, establishing the confirmed amount as a liability upon him. This confirmation cannot be rebutted except by proving payment of its value or a part thereof, or by proving that it was issued in error, based on documents, ledgers, and records.