acceptance of a bill of exchange
Definition
Process by which a buyer (called a 'drawee') accepts the seller's bill of exchange by signing under the words 'accepted' on face of the bill. By this act, the drawee becomes the acceptor and converts the bill into a post-dated check—an unconditional obligation to pay it on or before its maturity date.
acceptance of a bill of exchange is in the Accounting & Auditing, Banking, Commerce & Finance and International Trade & Relations subjects.
acceptance of a bill of exchange appears in the definitions of the following terms: general acceptance and honor
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