ACCEPTANCE

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ACCEPTANCE

ACCEPTANCE, contracts. An agreement to receive something which has been offered. 2. To complete the contract, the acceptance must be absolute and pastrecall, 10 Pick. 826; 1 Pick. 278; and communicated to the party making theoffer at the time and place appointed. 4. Wheat. R. 225; 6 Wend. 103. 3. In many cases acceptance of a thing waives the right which the partyreceiving before had; as, for example, the acceptance of rent after noticeto quit, in general waives. the notice. See Co. Litt. 211, b; Id. 215, a.;and Notice to quit. 4. The acceptance may be express, as when it is openly declared by theparty to be bound by it; or implied, as where the party acts as if he hadaccepted. The offer, and acceptance must be in some medium understood by,both parties; it may be language, symbolical, oral or written. For example,persons deaf and dumb may contract by symbolical or written language. Atauction sales, the contract, generally symbolical; a nod, a wink, or someother sign by one party, imports that he makes an offer, and knocking down ahammer by the other, that he agrees to it. 3 D. & E. 148. This subject isfurther considered under the articles Assent and Offer, (q v.) 5. Acceptance of a bill of exchange the act by which the drawee orother person evinces his assent or intention to comply with and be bound by,the request contained in a bill of exchange to pay the same; or in otherwords, it is an engagement to pay the bill when due. 4 East, 72. It will beproper to consider, 1, by whom the acceptance ought to be made; 2, the timewhen it is to be made; 3, the form of the acceptance; 4, its extent oreffect. 6.-1. The acceptance must be made by the drawee himself, or by oneauthorized by him. On the presentment of a bill, the holder has a right toinsist upon such an acceptance by the drawee as will subject him at allevents to the payment of the bill, according to its tenor; consequently suchdrawee must have capacity to contract, and to bind himself to pay the amountof the bill, or it, may be treated as dishonored. Marius, 22. See 2 Ad. &EH. N. S. 16, 17. 7.-2. As to the time when, a bill ought to be accepted, it may bebefore the bill is drawn; in this case it must be in writing; 3 Mass. 1; orit may be after it is drawn; when the bill is presented, the drawee mustaccept the bill within twenty-four hours after presentment, or it should betreated as dishonored. Chit. Bills, 212. 217. On the refusal to accept, evenwithin the twenty-four hours, it should be protested. Chit. Bills, 217. Theacceptance may be made after the bill is drawn, and before it becomes due orafter the time appointed for payment 1 H. Bl. 313; 2 Green, R. 339 ; andeven after refusal to accept so as to bind the acceptor. 8. The acceptance may also be made supra protest, which is theacceptance of the bill, after protest for non-acceptance by the drawee, forthe honor of the drawer, or a particular endorser. When a bill has beenaccepted supra protest for the honor of one party to the bill, it may beaccepted supra protest, by another individual, for the honor of another.Beawes, tit. Bills of Exchange, pl. 52; 5 Campb. R. 447. 9.-3. As to the form of the acceptance, it is clearly established itmay be in writing on the bill itself, or on another paper, 4 East, 91; or itmay be verbal, 4 East, 67; 10 John. 207; 3 Mass. 1; or it may be expressedor implied. 10. An express acceptance is an agreement in direct and express terms topay a bill of exchange, either by the party on whom it is drawn, or by someother person, for the honor of some of the parties. It is Usually in thewords accepted or accepts, but other express words showing an engagement topay the bill will be equally binding. 11. An implied acceptance is an agreement to pay a bill, not by directand express terms, but by any acts of the party from which an expressagreement may be fairly inferred. For example, if the drawee writes "seen,""presented," or any, other thing upon it, (as the day on which it becomesdue,) this, unless explained by other circumstances, will constitute anacceptance. 12.-4. An acceptance in regard to its extent and effect, may be eitherabsolute, conditional, or partial. 13. An absolute acceptance is a positive engagement to pay the billaccording to its tenor, and is usually made by writing on the bill"accepted," and subscribing the drawee's name; or by merely writing his nameeither at the bottom or across the bill. Comb. 401; Vin. Ab. Bills ofExchange, L 4; Bayl. 77; Chit. Bills, 226 to 228. But in order to bindanother than the drawee, it is requisite his name should appear. Bayl. 78. 14. A conditional acceptance is one which will subject the drawee oracceptor to the payment of the money on a contingency, Bayl. 83, 4, 5; Chit.Bills, 234; Holt's C. N. P. 182; 5 Taunt, 344; 1 Marsh. 186. The holder isnot bound to receive such an acceptance, but if he do receive it he mustobserve its terms. 4 M.& S. 466; 2 W. C. C. R. 485; 1 Campb. 425. 15. A partial acceptance varies from the tenor of the bill, as where itis made to pay part of the sum for which the bill is drawn, 1 Stra. 214; 2Wash. C. C. R. 485; or to pay at a different time, Molloy, b. 2, c. 10, s.20; or place, 4. M.& S. 462.

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