Definition of acceptance

1. drawee's promise to pay either a time draft or sight draft. Typically, the acceptor signs his name after writing "accepted" on the bill along with the date. Instead of "accepted," similar wording indicating an intention to pay would also suffice to show a desire to honor the bill at maturity. An acceptance of a bill in effect makes it a promissory note: the acceptor is the maker and the rawer is the endorser.
2. banker's acceptance.
3. binding contract effected when one party to a business arrangement accepts the offer of another. Acceptance may be in written or oral form.

promise to pay created when the drawee of a time draftstamps or writes the word "accepted" above his signature and a designated payment date. Once accepted, the draft is the equivalent of a promissory note; the drawee becomes the acceptor, and is obligated to pay the amount shown at maturity. Acceptances are negotiable instrument, which means they can be sold to another holder before maturity.

1. Banking.A time draft honored by a bank, known as a banker's acceptanceIt is used primarily in financing international trade, for example, an overseas manufacturer selling goods to an importer, although a domestic acceptance is not uncommon. See also documentary credit; third countryacceptance
2. Finance.Trade acceptance that is issued by a finance company affiliated with a manufacturer, for example, General Motors Acceptance Corp. or by an importer acting as agent for a manufacturer. It is often backed by a bank letter of credit.

In general:voluntary act of receiving something or of agreeing to certain terms.
Banking:formal procedure whereby the bank on which a check or other negotiable instrument is drawn promises to honor the draft by paying the payee named on the check.
Contract law:consent to the terms of an OFFER, creating a contract with all terms binding.
Real property law:essential to completion of a gift inter vivos.

In general: agreement created when the drawee of a time draft (bill of exchange) writes the word "accepted" above the signature and designates a date of payment. The drawee becomes the acceptor, responsible for payment at maturity.

Also, paper issued and sold by sales finance companies, such as General Motors Acceptance Corporation.
Banker's acceptance: time draft drawn on and accepted by a bank, the customary means of effecting payment for merchandise sold in importexport transactions and a source of financing used extensively in international trade. With the credit strength of a bank behind it, the banker's acceptance usually qualifies as a money market instrument. The liability assumed by the bank is called its acceptance liability. See also Letter of Credit (L/C).Trade acceptance: time draft drawn by the seller of goods on the buyer, who becomes the acceptor, and which is therefore only as good as the buyer's credit.

agreement to an offer, in contract law, thus forming a contract. For insurance contracts, the insurer usually acknowledges willingness to underwrite a risk by issuing a policy in exchange for a premium from an applicant.

1. in advertising, formal written approval typically issued by a seller of network radio and television commercial time to an advertiser agreeing to the terms of the purchase.
2. in consumer behavior theory, the degree to which a message is absorbed into an individual's consciousness, unchanged from what was intended by the sender. Acceptance can be blocked by strong contradictory opinions or bolstered by complementary opinions. For example, an individual with strong antismoking sentiments would not accept, recall, or retain quality of life claims made in a cigarette advertisement, or may recall a distorted version of those claims. For example, a phrase such as "strong flavor" may be recalled as "lethal." Conversely, an individual predisposed toward a political candidate may not recall specifics of the candidate's platform but will recall an effective speech that reaffirms the individual's choice. See also selective attention; selective reception.

the act of agreeing to accept an offer.

Example: Abel offers property for sale, Baker makes an offer to buy the property for a specified price. Upon Abel's acceptance a sales contract is complete.