L accept(are), equiv. to ac- + cep take + -t- freq. suffix] The voluntary act of receiving something or agreeing to certain terms. In contract law, acceptance is consent to the terms of an offer, creating a binding contract; the taking and receiving of anything in good part, and as if it were a tacit agreement to a preceding act, which might have been defeated or avoided if such acceptance had not been made. The act of a person to whom a thing is offered or tendered by another, whereby he receives the thing with the intention of retaining it, such intention being evidenced by a sufficient act. Black’s 6th. An agreement, either by express act or by implication from conduct, to the terms of an offer so that a binding contract is formed. • If an acceptance modifies the terms or adds new ones, it generally operates as a counteroffer. Black’s 7th. A negotiable instrument, especially a bill of exchange, that has been accepted for payment. Black’s 7th.