acceptance
ac·cep·tance
noun \ik-ˈsep-tən(t)s, ak-\Definition of ACCEPTANCE
Examples of ACCEPTANCE
- her acceptance into the club
- The university has sent me a letter of acceptance.
- He delivered an acceptance speech after he was chosen as the party's presidential nominee.
First Known Use of ACCEPTANCE
acceptance
noun (Concise Encyclopedia)Short-term credit instrument consisting of a written order that requires a buyer to pay a specified sum to the seller at a given date, signed by the buyer as a promise to honor the obligation. Acceptances are often used in export/import transactions: an exporter may require a buyer to sign and return an acceptance, which the exporter can then sell to the bank at a discount, thereby obtaining payment promptly. The buyer then has until the bill's maturity date to dispose of the goods and pay the promised sum (now owed to the bank). See also bill of exchange; promissory note.
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