: an agreeing either expressly or by conduct to the act or offer of another so that a contract is concluded and the parties become legally bound
a : the act of accepting a time draft or bill of exchange for payment when due according to the specified terms
b : an accepted draft or bill of exchange
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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