Acceptance means to assent to the terms of an offer. Some common uses of the term “acceptance” in a legal sense include:
- In the context of contracts, acceptance refers to one person’s compliance with the terms of an offer made by another.
- In the context of insurance law, acceptance takes place when an insurer agrees to the person's application for insurance and in turn issues them a policy to cover certain risks or perils.
- In the context of business transactions, acceptance takes place when a buyer agrees to purchase a product from a seller even if the product or goods was not what was originally agreed upon.
[Last updated in June of 2022 by the Wex Definitions Team]