Acceptance

1. The signature on a *bill of exchange indicating that the person on whom it is drawn accepts the conditions of the bill. Acceptance is usually written: “Accepted, payable at … (name and address of bank): (Signature )”. See also NON-ACCEPTANCE.
2. A bill of exchange that has been so accepted.
3. Agreement to accept the terms of an *offer; for exam­ple, the agreement of an insurance com­pany to provide a specified insurance cover or of a trader to accept a specified parcel of goods al the offer price.