Acceptance

Acceptance, the final act in the completion of a Bill of Exchange, and it consists in the person on whom the bill is drawn writing the word "accepted" across the same and adding his signature. Such acceptance may be either absolute, conditional, or partial. Absolute-acceptance is a contract to pay the bill strictly according to its tenour. Conditional acceptance is a promise to pay on a contingency occurring, as for example on the sale of certain goods consigned by the drawer to the acceptor. Partial acceptance is a promise to pay only part of the sum mentioned in the bill, or to pay at a different time or place from those specified. In all cases the acceptor must sign by himself, or by some person duly authorised by him. Acceptance has also a distinct legal signification in Scotland. There a contract usually commences with an offer, and is afterwards completed by acceptance; the offer is conditional on acceptance, but may before acceptance be recalled. In the United States the law on the subject of "acceptance" is nearly the same as in England.