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Acceptance

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Acceptance

ACCEPT'ANCE, n.
1. A receiving with approbation or satisfaction; favorable reception; as work done to acceptance.
They shall come up with acceptance on my altar. Isa. 60.
2. the receiving of a bill of exchange or order, in such a manner, as to bind the acceptor to make payment. This must be by express words; and to charge the drawer with costs, in case of non payment, the acceptance must be in writing, under across, or on the back of the bill.
3. An agreeing to terms or proposals in commerce, by which a bargain is concluded and the parties bound.
4. An agreeing to the act or contact of another, by some act which binds the person in law; as, a bishop's taking rent reserved on a lease made by his predecessor, is an acceptance of the terms of the lease and binds the party.
5. In mercantile language, a bill of exchange accepted; as a merchant receives another's acceptance in payment.
6. Formerly, the sense is which a word is understood. Obs.