acceptance

Definition 1

Agreements: Granting of an unqualified consent (whether express or implied) to the terms of a contract by the involved parties. When an offer is received, it is either accepted or countered (with a counter offer). A counter offer obligates the other party to accept it or respond with its own counter offer. Accepting an offer (or a counter offer) creates a binding contract. Sometimes, the term 'subject to contract' is used in offers or acceptances to indicate that the parties intend to be bound only under a formal contract when it is prepared and signed (executed).

Definition 2

Commerce: Buyer's approval of the goods supplied at their invoiced price, signified by the act of taking delivery, and/or use, of the goods without protest.

Definition 3

Documentary credit: Creation of an unconditional and binding promise to pay a bill of exchange, by signing it under the word 'accepted.' Generally, anyone who signs a bill of exchange on which the accepting firm's name is not mentioned in legible characters, is held personally liable for the amount of the bill if it remains unpaid. See also general acceptance and qualified acceptance.

Definition 4

Legal: Execution of an official document by an authorized agent or representative of the government.

Definition 5

Shipping: Acknowledgment by a consignee of the receipt of a consignment, thus terminating the contract of carriage.