acceptance of a draft

Acceptance Ac*cept"ance, n. 1. The act of accepting; a receiving what is offered, with approbation, satisfaction, or acquiescence; esp., favorable reception; approval; as, the acceptance of a gift, office, doctrine, etc. [1913 Webster]

They shall come up with acceptance on mine altar. --Isa. lx. 7. [1913 Webster]

2. State of being accepted; acceptableness. ``Makes it assured of acceptance.'' --Shak. [1913 Webster]

3. (Com.) (a) An assent and engagement by the person on whom a bill of exchange is drawn, to pay it when due according to the terms of the acceptance. (b) The bill itself when accepted. [1913 Webster]

4. An agreeing to terms or proposals by which a bargain is concluded and the parties are bound; the reception or taking of a thing bought as that for which it was bought, or as that agreed to be delivered, or the taking possession as owner. [1913 Webster]

5. (Law) An agreeing to the action of another, by some act which binds the person in law. [1913 Webster]

Note: What acts shall amount to such an acceptance is often a question of great nicety and difficulty. --Mozley & W. [1913 Webster]

Note: In modern law, proposal and acceptance are the constituent elements into which all contracts are resolved. [1913 Webster]

{acceptance of a bill of exchange}, {acceptance of a check}, {acceptance of a draft}, or {acceptance of an order}, is an engagement to pay it according to the terms. This engagement is usually made by writing the word ``accepted'' across the face of the bill.

{Acceptance of goods}, under the statute of frauds, is an intelligent acceptance by a party knowing the nature of the transaction. [1913 Webster]

6. Meaning; acceptation. [Obs.] [1913 Webster]

{Acceptance of persons}, partiality, favoritism. See under {Accept}. [1913 Webster]