Acceptance - negotiable instruments, Business Law and Ethics

Acceptance - Negotiable Instruments

Meaning

The word "acceptance" such used in relation to bills of exchange like has a special meaning also. Acceptance of a bill of exchange is the signification through the drawee such he accepts the order of the drawer for pay over the sum stated for the payee. A bill of exchange is used through a debtor to settle his account with his creditor through, being an order to someone else for pay the sum stated like as opposed to a promise through the drawer to pay there, the creditor is not such normally going to take the bill in settlement unless whether the drawee acknowledges like he will meet the bill like and, since in totting up, if is a person of substance; so until he does make that acknowledgement, thus the drawee is under no liability at same the bill.

Conversely in practice, the bill is normally handed to the payee for present it to the drawee for getting although the drawee agrees to pay the bill, because he will sign his name across it, and through that act he accepts such the liability to meet the bill whether it is duly presented for payment also there.

Posted Date: 2/1/2013 7:14:21 AM | Location : United States







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