March 19, 2018
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The taking of something offered or given. Favorable reception; approval. A taking as true and satisfactory; belief.
Related Articles:
- Glossary: ACCEPTANCEThe voluntary act of receiving something or agreeing to certain terms.
- Glossary: ACCEPTANCE FOR VALUE
- Glossary: ACCEPTANCE OF A BILL OF EXCHANGEIn mercantile law. The act by which the person on whom a bill of exchange is drawn (called the “drawee”) assents to the request of the drawer to pay it, or, in other words, engages, or makes himself liable to pay it when due. It may be by parol or in writing, and either general or special, absolute or unconditional; and it may be impliedly, as well as expressly, given.
- Glossary: ACCEPTANCE OF DRAFT; CERTIFIED CHECK(a) means the drawee’s signed agreement to pay a draft as presented. It shall be written on the draft and may consist of the drawee’s signature alone.
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Alternative Meanings:
- ACCEPTANCEL 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.
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