qualified acceptance definition

qualified acceptance

That is not a general acceptance. Qualified acceptance alters the original terms of a bill of exchange and may be treated by the bill's holder as dishonor by non-acceptance. If a holder takes a qualified acceptance without the bill drawer's or endorser's authorization or subsequent assent, the drawer or endorser is released from his or her liability on the bill.

Purchasing: A qualified acceptance puts the ball back in the original offeror's court who must either accept the counter offer or respond with its own counter-counter offer.

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