ACCEPTANCE (Lat. accipere, to re ceive). The receipt of a thing offered by another with an intention to retain it, indi cated by some act sufficient for the purpose. 2 Parsons, Contr, 221.
The element of receipt must enter into every ac ceptance, though receipt does not necessarily mean in this sense actual manual taking. To this element there must be added an intention to retain. This intention may exist at the time of the receipt, or subsequently; it may be indicated by words, or acts, or any medium understood by the parties; and an acceptance of goods will be implied from mere de tention, in many instances.
An acceptance involves very generally the idea of a receipt in consequence of a previous under taking on the part of the person offering, to deliver such a thing as the party accepting is in some manner bound to receive. It is through this mean ing that the term acceptance, as used in reference to bills of exchange, has a relation to the more gene sal use of the term. As distinguished from assent, acceptance would denote receipt of something in compliance and satisfactory fulfilment of a contract to which assent had been previously given. See ASSENT.
2. Under the statute of frauds (29 Car. II. c. 3) delivery and acceptance are necessary to complete an oral contract for the sale of goods, in most cases. In such case, it is said the acceptance must be absolute and past re call, 2 Exch. 290; 5 Railw. Cas. 496; 1 Pick. Mass. 278; 10 id. 326, and communicated to the party making the offer. 4 Wheat. 225; 6 Wend. N. Y. 103, 397. As to how far a right to make future objections invalidates an acceptance, see '3 Barnew. & Ald. 521; 5 id. 557 ; 10 Bingh. 376 ;10 Q. B. 111 ; 6 Exch. 903.
Acceptance of rent destroys the effect of a notice to quit for non-payment of such rent, 3 Taunt. 78; 4 Bingh. N. c. 178; 4 Barnew. & Ald. 401 ; 13 Wend. N. Y. 530; 11 Barb. N. Y. 33 ; 1 Bush. No. C. 418; 2 N. H. 163 ; 19 Vt. 587 ; 1 Washburn, Real Prop. 322, and may operate a waiver of forfeiture for other' causes. 3 Coke, 64; 1 Wms. Saund. 287 c, note : 3 Cow. N. Y. 220; 5 Barb. N. Y. 339; 3 Cush. Mass. 325.
Of Bills of Exchange. An engagement to pay the bill in money when due. 4 East, 72 ; 19 Law Jour. 297.
Acceptances are said to be of the following kinds.
Absolute, which is a positive engagement to pay the bill according to its tenor.
Conditional, which is an undertaking to pay the bill on a contingency.
The holder is not bound to receive sueh an ac ceptance, but, if he does receive it, must observe its terms. 4 Maule & S. 468; 1 Campb. 425; 2 Wash.
C. C. 485. For some examples of what do and what do not constitute conditional acceptances, see 1 Term, 182 ; 2 Strange, 1152, 1211; 2 Wilts. 9; 6 Carr. & P. 218 ; 3 C. B. 841 ; 15 Miss. 244; 7 Me. 126; 1 Ala. 73; 10 Ala. a. a. 533; 1 Strobh. So. C. 271 ; 1 Miles, Penn. 294; .4 Watts & S. Penn. 346.
3. Express, which is an undertaking in direct and express terms to pay the bill.
Implied, which is an undertaking to pay the bill inferred from acts of a character fairly to warrant such an inference.
Partial, which is one varying from the tenor of the bill.
An accoptance to pay part of the amount for which the bill is drawn, 1 Strange,.214; 2 Wash. C.
C. 485 ; or to pay at a different time, 14 Jur. 806; 25 Miss. 376 ; Molloy, b. 2, c. 10, 20; or at a dif ferent place, 4 Maule & S. 462, would be partial.
Qualified, which are •either conditional or partial.
Supra protest, which is the acceptance of the bill after protest for non-iteeeptance the drawee, for the honor of the drawer or a particular endorser.
When a bill has been accepted supra protest for the honor of one party to the bill, it may be ac cepted eupra protect by another individual ,for the bonor of another. Beawes, Lox Mere., Rills of Exchange, pl. 52; 5 Campb. 447.
The acceptance must be made by the drawee or some one authorized to act for him. The drawee must have capacity to act and bind himself for the payment of the bill, or it may be treated as dishonored. See AccErron Su PRA PROTEST; Marius, 22; 2 Q. B. 16. AS to when an acceptance by an agent, an officer of a corporation, etc., on behalf of the company, will bind the agent or .officer personally, see 15 Jur. 335; 20 Law Journ. 160 ; 6 C. B. 766; 10 id. 318; 9 Exch. 154; 4 N. Y. 208; 6 Mass. 58; 8 Pick. Mass. 56; 11 Me. 267 ; 2 South. N. J. 828 ; see Also 17 Wend. N. Y. 40; 5 B. Monr. Ky. 51; 2 Conn. 660; 19 Me. 352; 16 Vt. 220; 2 Mete. Mass. 47 ; .7 Miss. 371.