ACCEPTOR, contracts. The person who agrees to pay a bill of exchange drawn upon him. There cannot be two separate acceptors of a bill of exchange, e. g. an acceptance by the drawee, and another for the honor of some party to the bill. Jackson v.
An acceptance is binding and the contract is said to be perfected when the acceptor places this acceptance in the mail box for return mail even if, in fact, it never reaches the offeror.
Three days of grace were originally allowed to give a maker or acceptor of a note, bill, or draft, in which the person is ordered to make payment according to its terms, a longer time to pay than specified by the date in the document.
A conditional acceptance is one which will subject the drawee or acceptor to the payment of the money on a contingency. The holder is not bound to receive such an acceptance, but if he do receive it he must observe its terms.
Every person whose name appears on a bill, whether as acceptor or endorser, is liable in full payment of its contents although he may after payment do diligence against the others for relief.
"It is of little consequence whether the bill on its face expresses its due date, as the acceptors with the consent of the holder, have fixed the date when it becomes due....
A rule of contract law that makes an exception to the general rule that an acceptance is only created when communicated directly to the offeror. An acceptance is binding and the contract is said to be perfected when the acceptor places this ...
 See also: Will, Person, Time, Term, Order
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