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Many people have been uttering and hearing the word “Acceptance” but not everybody that says the word really know the meaning of acceptance.
Here in “Aschoolz Dictionary” we will highlight you what acceptance means.
1570s, from Middle French acceptance, from accepter (see accept). The earlier word was acception (late 14c., accepcioun), from Latin acceptionem; it was common until c. 1700. Acceptation is from early 15c. as “action of taking or receiving what is offered,” 1590s as “state of being accepted.”
What Is an Acceptance?
An acceptance is a contractual agreement by an importer to pay the amount due for receiving goods at a specified date in the future. Documents are presented for acceptance in international trade. The buyer of the goods or importer agrees to pay the draft and writes “accepted,” or similar wording indicating acceptance. The buyer becomes the acceptor and is obligated to make the payment by the maturity date.
variable noun [oft poss NOUN]
6. contract law