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.
Mentioned in these definitions
Popular 'Accounting & Auditing' Terms
acceptance of a bill of exchange in the news
This content can be found on the following page:
http://www.businessdictionary.com/definition/acceptance-of-a-bill-of-exchange.html







