ACCEPTANCE - The act of agreeing
to (accepting) the terms of an offer. For example,
an employee accepts an offer of employment by agreeing
to work for the employer for the wages offered. 2)
A draft, payable at a determinable future, date upon
the face of which the drawee acknowledges his obligation
to pay it at maturity.
An agreement to receive something which has been
offered.
To complete the contract, the acceptance must be
absolute and past recall and communicated to the party
making the offer at the time and place appointed.
In many cases acceptance of a thing waives the right
which the party receiving before had; as, for example,
the acceptance of rent after notice to quit, in general
waives. the notice.
The acceptance may be express, as when it is openly
declared by the party to be bound by it; or implied,
as where the party acts as if he had accepted. The
offer, and acceptance must be in some medium understood
by, both parties; it may be language, symbolical,
oral or written. For example, persons deaf and dumb
may contract by symbolical or written language. At
auction sales, the contract, generally symbolical;
a nod, a wink, or some other sign by one party, imports
that he makes an offer, and knocking down a hammer
by the other, that he agrees to it.
Acceptance of a bill of exchange the act by which
the drawee or other person evinces his assent or intention
to comply with and be bound by, the request contained
in a bill of exchange to pay the same; or in other
words, it is an engagement to pay the bill when due.
It will be proper to consider, 1, by whom the acceptance
ought to be made; 2, the time when it is to be made;
3, the form of the acceptance; 4, its extent or effect.
The acceptance must be made by the drawee himself,
or by one authorized by him. On the presentment of
a bill, the holder has a right to insist upon such
an acceptance by the drawee as will subject him at
all events to the payment of the bill, according to
its tenor; consequently such drawee must have capacity
to contract, and to bind himself to pay the amount
of the bill, or it, may be treated as dishonored.
As to the time when, a bill ought to be accepted,
it may be before the bill is drawn; in this case it
must be in writing or it may be after it is drawn;
when the bill is presented, the drawee must accept
the bill within twenty-four hours after presentment,
or it should be treated as dishonored. On the refusal
to accept, even within the twenty-four hours, it should
be protested. The acceptance may be made after the
bill is drawn, and before it becomes due or after
the time appointed for payment and even after refusal
to accept so as to bind the acceptor.
The acceptance may also be made supra protest, which
is the acceptance of the bill, after protest for non-acceptance
by the drawee, for the honor of the drawer, or a particular
endorser. When a bill has been accepted supra protest
for the honor of one party to the bill, it may be
accepted supra protest, by another individual, for
the honor of another.
As to the form of the acceptance, it is clearly established
it may be in writing on the bill itself, or on another
paper, or it may be verbal; or it may be expressed
or implied.
An express acceptance is an agreement in direct and
express terms to pay a bill of exchange, either by
the party on whom it is drawn, or by some other person,
for the honor of some of the parties. It is Usually
in the words accepted or accepts, but other express
words showing an engagement to pay the bill will be
equally binding.
An implied acceptance is an agreement to pay a bill,
not by direct and express terms, but by any acts of
the party from which an express agreement may be fairly
inferred. For example, if the drawee writes 'seen,'
'presented,' or any, other thing upon it, (as the
day on which it becomes due,) this, unless explained
by other circumstances, will constitute an acceptance.
An acceptance in regard to its extent and effect,
may be either absolute, conditional, or partial.
An absolute acceptance is a positive engagement to
pay the bill according to its tenor, and is usually
made by writing on the bill ' accepted,' and subscribing
the drawee's name; or by merely writing his name either
at the bottom or across the bill. But in order to
bind another than the drawee, it is requisite his
name should appear.
A conditional acceptance is one which will subject
the drawee or acceptor to the payment of the money
on a contingency. The holder is not bound to receive
such an acceptance, but if he do receive it he must
observe its terms.
A partial acceptance varies from the tenor of the
bill, as where it is made to pay part of the sum for
which the bill is drawn, or to pay at a different
time.
