Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Acceptance
An agreement, either by express act or by implication from conduct, to the terms of an offer so that a binding contract is formed. 9 If an acceptance modifies the terms or adds new ones, it generally operates as a counteroffer. Cf. OFFER. acceptance by silence. Acceptance of an offer not by explicit words but through the lack of an offeree's response in circumstances in which the relationship between the offeror and the offeree justifies both the offeror's expectation of a reply and the offeror's reasonable conclusion that the lack of one signals acceptance. 0 Ordinarily, silence does not give rise to an acceptance of an offer, but this exception arises when the offeree has a duty to speak.
Bank acceptance
see banker's acceptance under acceptance (4) ;
Banker's acceptance
see acceptance
Nonacceptance
1. The refusal or rejection of something, such as a contract offer. See REJECTION. 2. A buyer's rejection of goods because they fail to conform to contractual specifications. See UCC § 2-601(a). 3. A drawee's failure or refusal to receive and pay a negotiable instrument.
acceptance au besoin
See ACCEPTANCE (4).
acceptance by silence.
See ACCEPTANCE (1).
acceptance company
See sales finance company under FINANCE COMPANY
acceptance credit
See time letter of credit under LETTER OF CREDIT.
acceptance doctrine
Construction law. The principle that, once an owner accepts the work of a contractor, the contractor is not liable to third parties for an injury arising from the contractor's negligence in performing under the contract, unless the injury results from a hidden, imminently dangerous defect that the contractor knows about and the owner does not know about. - Also termed accepted-work doctrine
acceptance for honor
See ACCEPTANCE (4).
acceptance sampling
The practice of examining only a few items from a shipment to determine the acceptability of the whole shipment.
acceptance supra protest
See acceptance for honor under ACCEPTANCE.
acceptance-of-the-benefits rule
The doctrine that a party may not appeal a judgment after having voluntarily and intentionally received the relief provided by it.
accommodation acceptance
The acceptance of an offer to buy goods for current or prompt shipment by shipping nonconforming goods after notifying the buyer that the shipment is intended as an accommodation. This type of "acceptance" is not truly an acceptance under contract law, but operates instead as a counteroffer if the buyer is duly notified. banker's acceptance. A bill of exchange drawn on and accepted by a commercial bank. Banker's acceptances are often issued to finance the sale of goods in international trade. - Abbr. BA. - Also termed bank acceptance.
blank acceptance
Acceptance by a bill-ofexchange drawee before the bill is made, as indicated by the drawees signature on the instrument.
blank acceptance.
See ACCEPTANCE (4)
conditional acceptance
An agreement to pay a draft on the occurrence or nonoccurrence of a particular event. express acceptance. A written or oral expression indicating that the drawee has seen the instrument and does not dispute its sufficiency. 0 While a written acceptance is typically signified by the stamped or written word "accepted" or "presented" usu. on the instrument itself, an oral acceptance must be made directly to a drawer or holder who has waived the right to a written acceptance.
express acceptance
See Acceptance (4).
implied acceptance
An acceptance implied by a drawee whose actions indicate an intention to comply with the request of the drawer; conduct by the drawee from which the holder is justified in concluding that the drawee intends to accept the instrument. special acceptance. An acceptance that departs from either the terms of a bill or t li:terms added to but not otherwise expressed in a bill. 9 An example is an acceptance of ., draft as payable in a particular place even though the draft contains no such limitation trade acceptance. A bill of exchange for th;~ amount of a specific purchase, drawn on and accepted by the buyer for payment at a spec fied time.
power of acceptance
See POWER.
presentment for acceptance
Production of an instrument to the drawee, acceptor, or maker for acceptance. ( This type of presentment may be made anytime before maturity, except that with bills payable at sight, after demand, or after sight, presentment must be made within a reasonable time.
qualified acceptance
A conditional or partial acceptance that varies the original terms of an offer and operates as a counteroffer; esp., in negotiable instruments, an acceptor's variation of the terms of the instrument. 2. A buyer's assent that the goods are to be taken in performance of a contract for sale. 0 Under UCC § 2-606, a buyer's acceptance consists in (1) signifying to the seller that the goods are conforming ones or that the buyer will take them despite nonconformities, (2) not making an effective rejection, or (3) taking any action inconsistent with the seller's ownership. If the contract is for the sale of goods that are not identified when the contract is entered into, there is no acceptance until the buyer has had a reasonable time to examine the goods. But if the buyer deals with them as owner, as by reselling them, a court may find constructive acceptance. acceptance means communicated acceptance .... [It] must be something more than a mere mental assent." William R. Anson, Principles of the Law of Contract 34 (Arthur L. Corbin ed., 3d Am. ed. 1919). [But Corbin adds:] "This use of the word 'communicated' is open to some objection. To very many persons the word means that knowledge has been received. Frequently a contract is made even though the offeror has no such knowledge. In such case the acceptance is not 'communicated' and yet it consummates the contract." Id. n.2. Acceptance of a conveyance or of a document containing a promise is a manifestation of assent to the terms thereof made, either before or after delivery, in accordance with any requirements imposed by the grantor or promisor. If the acceptance occurs before delivery and is not binding as an option contract, it is revocable until the moment of delivery." Restatement (Second) of Contracts § 106 (1981).3. The formal receipt of and agreement to pay a negotiable instrument. 4. A negotiable instrument, esp. a bill of exchange, that has been accepted for payment.
special acceptance
See ACCEPTANCE (4).
tacit acceptance
Civil law. An acceptance of an inheritance, indicated by the heir's doing some act that shows an intent to accept it and that the heir would have no right to do except in that capacity.
trade acceptance
See ACCEPTANCE (4).
working capital acceptance
See finance bill under BILL (6).