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Legal Dictionary Term: acceptance

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Legal Dictionary Term: acceptance

What is acceptance?

n. 1) receiving something from another with the intent to keep it, and showing that this was based on a previous agreement. 2) agreeing verbally or in writing to the terms of a contract, which is one of the requirements to show there was a contract (an offer and an acceptance of that offer). A written offer can be accepted only in writing. 3) receiving goods with the intention of paying for them if a sale has been agreed to. 4) agreement to pay a bill of exchange, which can be an 'absolute acceptance' (to pay as the bill is written) or 'conditional acceptance' (to pay only when some condition actually occurs such as the shipment or delivery of certain goods). 'Acceptance' is most often used in the factual determination of whether a contract was entered into.

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acceptance Information

Date Approved: Apr 21, 2019

Viewed: 366 x

Last Viewed: Aug 17, 2022

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