Personally I think you’re both correct but I also think you’re talking about most people‘s definition of an acquaintance.
In my opinion I consider a friendship any relationship where no matter how long ago it ended or how long ago you last talked you wouldn't mind hearing from them again, even if it might only be awkward small talk. Old schoolmates, college roommates, military squadmates, and co-workers can all be friends. They can all be acquaintances too. But crucially the fact that you stopped talking at one point or stopped spending time together isn't the demarcating factor between the two.
It's been this way for years