ACCEPTANCE OF A BILL OF EXCHANGE

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 In 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. But the usual and regular mode of acceptance is by the drawee’s writing across the face of the bill the word “acceptance,” and subscribing his name; after which he is termed the acceptor. Black’s 1st. See banker’s acceptance, bill of exchange, sight draft. parol, a word; speech; hence, oral or verbal; expressed or evidenced by speech only; not expressed by writing. .. Black’s 4th.