Definition of: acceptance

(ak·sep′təns) noun
1. The act of accepting; state of being accepted or acceptable; also, consent to receive.
2. An agreement to pay a bill of exchange, draft, order, or the like, according to its terms: also, the paper itself when endorsed is accepted."
3. Law Any form or act by which one positively or constructively acknowledges the validity or sufficiency of an act done by another, agrees to the terms of a contract, or the like. Also ac·cep′tan·cy.