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Encyclopedia Britannica

ACCEPTANCE (Lat. acceptare, frequentative form of accipere, to receive)

This article appears in Volume V01, Page 113 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: A10-ADA

ACCEPTANCE (Lat. acceptare, frequentative form of accipere, to receive) , generally, a receiving or acknowledgment of receipt; in law, the act by which a person binds himself to comply with the request contained in a

bill

BILL

of exchange (q.v.), addressed to him by the drawer. In all cases it is understood to be a promise to pay the

bill

BILL

in money, the law not recognizing an acceptance in which the promise is to pay in some other way, e.g. partly in money and partly by another bill. Acceptance may be either general or qualified. A general acceptance is an engagement to pay the bill strictly according to its

tenor

TENOR (through Fr. and It. from Lat. tenor, holding on, course, sense of a law,
tone
- TONE, THEOBALD WOLFE (1763-1798)
)

, and is made by the drawee subscribing his name, with or without the word " accepted," at the bottom of the bill, or across the face of it. Qualified acceptance may be a promise to pay on a contingency occur-

ring

RING (O.E. hring; a word common to Teutonic languages; and probably cognate with the Lat. circus, Gr. KtpKOS or KpLKOS, Skt'. chakra, wheel, circle, cf. also " harangue "); in art, a band of circular shape of varying sizes, made of any material and used f

, e.g. on the sale of certain goods consigned by the drawer to the acceptor. No contingency is allowed to be mentioned in the

body

BODY

of the bill, but a qualified acceptance is quite legal, and equally binding with a general acceptance upon the acceptor when the contingency has occurred. It is also qualified acceptance where the promise is to pay only

part

PART

of the sum mentioned in the bill, or to pay at a different time or

place

PLACE (through Fr. from Lat. platea, street; Gr. IrAar6s, wide)

from those specified. As a qualified acceptance is so far a disregard of the drawer's order, the holder is not obliged to take it; and if he chooses to take it he must give notice to antecedent parties, acting at his own

risk

RISK

if they dissent. In all cases acceptance involves the signature of the acceptor either by himself or bysome person duly authorized on his behalf. A bill can be accepted in the first instance only by the person or persons to whom it is addressed; but if he or they fail to do so, it may, after being protested for non-acceptance, be accepted by some one else " supra protest," for the

sake

SAKE

of the honour of one or more of the parties concerned in it, and he thereupon acquires a claim against the drawer and all those to whom he could have resorted.

End of Article: ACCEPTANCE (Lat. acceptare, frequentative form of accipere, to receive)

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