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ACCEPTANCE (Lat. acceptare, frequenta...

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Originally appearing in Volume V01, Page 113 of the 1911 Encyclopedia Britannica.

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

ACCEPTANCE (See also:
LAT
Lat. acceptare, frequentative See also:
FORM (Lat. forma)
form of accipere, to receive) , generally, a receiving or See also:

ACKNOWLEDGMENT (from the old acknow, a compound of on- and know, to know by the senses, which passed through the forms oknow, aknow and acknow; acknowledge is formed on analogy of " knowledge ")

acknowledgment of See also:

RECEIPT (M.E. receite, derived through Fr. from Lat. recepta, participle of recipere, to receive)

receipt; in See also:

law, the See also:

ACT (Lat. actus, actum)

act by which a See also:

PERSON, OFFENCES AGAINST THE

person binds himself to comply with the See also:

REQUEST, LETTERS OF

request contained in a See also:

BILL

bill of See also:

EXCHANGE

exchange (q.v.), addressed to him by the drawer. In all cases it is understood to be a promise to pay the bill in See also:

MONEY

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 See also:

general or qualified. A general acceptance is an engagement to pay the bill strictly according to its See also:

TENOR (through Fr. and It. from Lat. tenor, holding on, course, sense of a law, tone)

tenor, and is made by the drawee subscribing his name, with or without the word " accepted," at the bottom of the bill, or across the See also:

FACE (from Lat. fades, derived either from facere, to make, or from a root fa-, meaning " appear "; cf. Gr. cbatvstv)

face of it. Qualified acceptance may be a promise to pay on a contingency occur-See also:

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

ring, e.g. on the See also:

sale of certain goods consigned by the drawer to the acceptor. No contingency is allowed to be mentioned in the See also:

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 See also:

PART

part of the sum mentioned in the bill, or to pay at a different See also:

time or See also:

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

place from those specified. As a qualified acceptance is so far a disregard of the drawer's See also:

order, the holder is not obliged to take it; and if he chooses to take it he must give See also:

NOTICE

notice to antecedent parties, acting at his own See also:

RISK

risk if they dissent. In all cases acceptance involves the See also:

SIGNATURE (through Fr. from Lat. signature, signare, to sign, signum, mark, token, sign)

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 See also:

SAKE

sake of the See also:

HONOUR (Lat. honos or lwnor, honoris; in English the word was spelled with or without the u indifferently until the 17th century, but during the 18th century it became fashion-able to spell the word " honor "; Johnson's and Webster's Dictionaries stereoty

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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