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Simple English definitions for legal terms
blank acceptance
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A quick definition of blank acceptance:
Acceptance is when someone agrees to the terms of an offer, either by saying yes or by doing something that shows they agree. If they change the terms, it's called a counteroffer. Acceptance can also refer to a buyer agreeing to take goods they bought, or to someone agreeing to pay a bill. There are different types of acceptance, like express acceptance (saying yes out loud or in writing) and implied acceptance (doing something that shows you agree).A more thorough explanation:
Blank acceptance is a type of acceptance in which the drawee signs a bill of exchange before it is made. This is indicated by the drawee's signature on the instrument.
For example, if a company sends a bill of exchange to another company, and the second company signs it before it is filled out, that is a blank acceptance. This type of acceptance is not common and is generally not recommended because it can lead to confusion and disputes.
Blank acceptance is different from other types of acceptance, such as express acceptance, which is a written or oral expression indicating that the drawee has seen the instrument and does not dispute its sufficiency. Another type is implied acceptance, which is an acceptance implied by a drawee whose actions indicate an intention to comply with the request of the drawer.
Overall, blank acceptance is not a common practice and can lead to confusion and disputes. It is important to carefully review and fill out any bills of exchange before signing them to avoid any misunderstandings.