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acceptancethe process of guaranteeing a loan, which takes the form of a BILL OF EXCHANGE that will be repaid even if the original borrower is unable to pay. This is done by a commercial institution which signs, that it ‘accepts’, the bill drawn up by the borrower in return for a fee. See ACCEPTING HOUSE.
(1) The act of receiving something with the intention of retaining it.Transfer of title to real estate requires acceptance of the title.(One cannot secretly deed a toxic waste site to an enemy in hopes that the Environmental Protection Agency will make that person handle the cleanup.) (2) The act of agreeing to the terms and conditions of an offer,creating a contract by virtue of the acceptance.