KG COLLEGE OF ARTS AND SCIENCE

ROLL NO : 122ACB41
DEPARTMENT : COMMERCE (C.A)
COURSE : II B.COM C.A
SUBJECT : COMMERCIAL LAW
TITLE OF THE : ACCEPTANCE AND
ASSIGNMENT ELEMENTS OF VALUE
ACCEPTANCE
FACULTY NAME : BANUPRIYA MAM
DATE OF SUBMISSION : 12.07.2013







Acceptance in business law
The acceptance is an state act or proposition by manner that manifests agree to the
term of an offer in a conduct required or invited by the offer so that a compulsory
contract is formed. In other words, we can say that is the operate of a someone to
whom something is offered by another. Where the offeree express through an act
requested by the offer.
An agreement to an offer resulting in a contract.
An express act or implication by conduct that manifests assent to the terms of an offer
in a manner invited or required by the offer so that a binding contract is formed. The
exercise of power conferred by an offer by performance of some act. The act of a
person to whom something is offered or tendered by another, whereby the offeree
demonstrates through an act invited by the offer an intention of retaining the subject of
the offer.
In the law of contracts, acceptance is one person's compliance with the terms of an
offer made by another. Acceptance occurs in the law of insurance when an insurer
agrees to receive a person's application for insurance and to issue a policy protecting
the person against certain risks, such as fire or theft. When a person who is offered a
gift by someone keeps the gift, this indicates his or her acceptance of it.
Acceptance also occurs when a bank pays a check written by a customer who has a
checking account with that bank.
In business dealings between merchants, which is governed by the law of sales, a
buyer demonstrates his or her acceptance of goods that are not exactly what he or she
had ordered from the seller by telling the seller that he or she will keep the goods even
though they are not what was ordered; by failing to reject the goods; or by doing
something to the goods inconsistent with the seller's ownership of them, such as
selling the goods to consumers of the buyer's store.
Types of Acceptance:
An acceptance may be conditional, express, or implied.
Conditional Acceptance A conditional acceptance, sometimes called a qualified
acceptance, occurs when a person to whom an offer has been made tells the offeror
that he or she is willing to agree to the offer provided that some changes are made in
its terms or that some condition or event occurs. This type of acceptance operates as a
counteroffer. A counteroffer must be accepted by the original offeror before a contract
can be established between the parties.
Another type of conditional acceptance occurs when a drawee promises to pay a draft
upon the fulfillment of a condition, such as a shipment of goods reaching its
destination on the date specified in the contract.
Express Acceptance:
An express acceptance occurs when a person clearly and explicitly agrees to an offer
or agrees to pay a draft that is presented for payment.
Implied Acceptance
Acceptance in human psychology is a person's assent to the reality of a situation,
recognizing a process or condition (often a negative or uncomfortable situation)
without attempting to change it, protest, or exit. The concept is close in meaning to
'acquiescence', derived from the Latin 'acquiscere' (to find rest in).[1]
Acceptance is fundamental to the core dogma of most Abrahamic religions, the word
"Islam" can be translated as "acceptance", "surrender" or "voluntary submission"
[2][3] and Christianity is based upon the "acceptance" of Jesus of Nazareth as the
"Christ" and could be compared to some Eastern religious concepts such as Buddhist
mindfulness. Religions and psychological treatments often suggest the path of
acceptance when a situation is both disliked and unchangeable, or when change may
be possible only at great cost or risk. Acceptance may imply only a lack of outward,
behavioral attempts at possible change, but the word is also used more specifically for
a felt or hypothesized cognitive or emotional state.
Definition
The term acceptance is defined as a noun, in which it shows to have three different
meanings.[citation needed]
The first is known as the act of taking or receiving something offered. For example, if
someone is giving you a gift and you receive it, then you have accepted the gift;
therefore, having acceptance.
Another definition of acceptance has to deal with positive welcome; favor and
endorsement. In which, a person could like someone and, have acceptance for them
due to their approval of that person.
The third description of acceptance is that it can be an act of believing or assenting.
Acceptance - "An express act or implication by conduct that manifests assent to the
terms of an offer in a manner invited or required by the offer so that a binding contract
is formed. The exercise of power conferred by an offer by performance of some act.
The act of a person to whom something is offered of tendered by another, whereby the
offered demonstrates through an act invited by the offer an intention of retaining the
subject of the offer." (Chirelstein, 2001)
This definition overlaps with the definition of the quality known as toleration.
Acceptance and tolerance are not synonyms.
E. Tolle (Power of Now, etc.) defines acceptance as a "this is it" response to anything
occurring in any moment of life. There, strength, peace and serenity are available
when one stops struggling to resist, or hang on tightly to what is so in any given
moment. What do I have right now? Now what I am I experiencing? The point is, can
one be sad when one is sad, afraid when afraid, silly when silly, happy when happy,
judgmental when judgmental, overthinking when overthinking, serene when serene,
etc.
Types
It should be recognized, before any breakdown to types, that acceptance is treating
what happens, the actual event which is the outcome of all the combined previous
events, as on balance the best outcome. Acceptance typically contains the concept of
approval; it is important to note that the psychospiritual use of the term infers a non-
judgmental mindset. Acceptance is contrasted with resistance, but that term has strong
political and psychoanalytic connotations not applicable in many contexts. By groups
and by individuals, acceptance can be of various events and conditions in the world;
individuals may also accept elements of their own thoughts, feelings, and personal
histories. For example, psychotherapeutic treatment of a person with depression or
anxiety could involve fostering acceptance either for whatever personal circumstances
may give rise to those feelings or for the feelings themselves. (Psychotherapy could
also involve lessening an individual's acceptance of various situations.)
Notions of acceptance are prominent in many faiths and meditation practices. For
example, Buddhism's first noble truth, "All life is suffering", invites people to accept
that suffering is a natural part of life. The term "Kabbalah" means literally acceptance.
Minority groups in society often describe their goal as "acceptance", wherein the
majority will not challenge the minority's full participation in society. A majority may
be said (at best) to "tolerate" minorities when it confines their participation to certain
aspects of society. Acceptance is the fifth stage of the Kbler-Ross model (commonly
known as the "stages of dying").
The Big Book of Alcoholics Anonymous describes the importance of acceptance in
the treatment of alcoholism. It states that acceptance can be used to resolve situations
where a person feels disturbed by a "person, place, thing or situation -- some fact of
my life -- [which is] unacceptable to me". It claims that an alcoholic person cannot
find serenity until that person accepts that "nothing happens in God's world by
mistake" and that the condition of alcoholism must be accepted as a given
Acceptance (12 Step definition).. To believe as fact...
Self-acceptance:
Self acceptance is being loving and happy with who you are now. Its an agreement
with yourself to appreciate, validate, accept, and support who you are at this moment.
For example, think of acceptance of yourself like being okay with your house right
now. One day you might want a bigger house or you have this dream house in your
mind, but there are advantages to your smaller home now. So you can be happy with
the house you have now and still dream of your bigger house as a reality later.
Self-acceptance leads to a new life with new possibilities that did not exist before
because you were caught up in the struggle against reality. People have trouble
accepting themselves because of a lack of motivation. Some have the misconception
that if you are happy with yourself you wont change things about yourself. This isnt
true; you dont have to be unhappy with yourself to know and actively change things
you dont like.[citation needed]
Social acceptance:
Social acceptance affects children, teenagers and adults. It also can affect people of all
ages with mental disabilities because social acceptance determines many decisions
people make in life. Children and teenagers tend to do a lot of things to try to be
accepted among friends, also known as peer pressure. Peer pressure determines
sometimes how they do their hair and decides what clothes they wear. It also
determines what they are willing to do to as far as smoking, drinking, swearing, and
sexual activity and much more, to be accepted by those whose friendship they value.
Adults do some of the same things out of the desire for the acceptance and approval of
their friends. To be one of the group, they might do some of the same things like
drinking, swearing or taking drugs just to fit in. They base fashion on the latest tips
from magazines and fashion experts.[citation needed] Social acceptance could be
defined as the fact that most people, in order to fit in with others, attempt to look and
act like them. Or sometimes it is a term that refers to the ability to accept, or to
tolerate differences and diversity in other people or groups of people. When it comes
to mental disabilities, social acceptance plays a big role in recovery. Social acceptance
is important because many people don't understand mental illness so they don't know
how to embrace their friends or other people who have a disease, leaving these people
with feelings of not being accepted in groups of friends.
Conditional or qualified:
A type of acceptance that requires modification(s) of the conditions before the final
acceptance is made. For example, a contract that needs to be accepted from two
parties may be adjusted or modified so that it fits both parties satisfactions. A person
has been made an offer that they are willing to agree as long as some changes are
made in its terms or that some conditions or event occurs. A business contract that is
made from the business to the employer, both parties may change and modify the
contract until both parties agree or accept the details in the business contract.
Expressed:
A type of acceptance that involves making an overt and unambiguous acceptance of
the set conditions. For example, a person clearly and explicitly agrees to an offer.
They accept the terms without any changes. A person agrees to pay a draft that is
presented for payment.
Implied:
A type of acceptance that is not clearly expressed, but an intent to consent to the
presented conditions is made. For example, acceptance is implied by demonstrating
any act indicates a person's assent to the proposed bargain. A lady selects an item in a
department store and pays the cashier for it. The lady has indicated that she has agreed
to the department stores owner's offer to sell the item for the price stated on the price
tag. An implied acceptance is one that is not directly stated but is demonstrated by any
acts indicating a person's assent to the proposed bargain. An implied acceptance
occurs when a shopper selects an item in a supermarket and pays the cashier for it.
The shopper's conduct indicates that he or she has agreed to the supermarket owner's
offer to sell the item for the price stated on it.
REFERENCE:
http://www.thefreedictionary.com/acceptance
http://tinybuddha.com/blog/the-power-of-acceptance-stop-resisting-and-find-the-
lesson/
http://dictionary.reference.com/browse/acceptance