Definition Of


The term Acceptance means an undertaking by the drawee (who then becomes the “acceptor”), of a Bill of Exchange to pay to the person presenting the bill (called the holder in due course) the face value of the bill on the due date.

Acceptance is the act of signing a bill of exchange to show that you agree to pay it.


Acceptance means contractual agreement instigated when the drawee of a time draft "accepts" the draft by
writing the word "accepted" thereon. The drawee assumes responsibility as the acceptor
and for payment at maturity.

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