COMMERCE

To accept means to receive something with approval (i.e., consent). This usually arises in the context of accepting a payment that is late or not complete, or accepting delivery of legal papers (acceptance of service).

Acceptance means to assent to the terms of an offer. Some common uses of the term “acceptance” in a legal sense include: 

Accession has several specialized meanings in legal contexts.

• trusts and estates

An accommodation originally meant a loan or other financial favor. An accommodation more commonly means providing assistance or convenience for a person, and the practice of modifying objects and situations to their benefit or needs.

Accord broadly means agreement but has several specific legal uses.

Accord and satisfaction occurs when there is an agreement (accord) between two parties (an obligor and an obligee) for alternative performance to discharge a

Generally, an account is a record, history, or report of something.

• secured transactions

In the context of secured transactions, an account debtor is a person or entity who owes an obligation to a creditor for goods or services by virtue of an acc

An account receivable (abbreviated A/R) is the money owed to a business by other entities in exchange for property or services that were provided on credit (listed under current assets on balance sheets). The settlement of an account receivable begins by sending an invoice to the client.

An account stated is a document summarizing the amount of money a debtor owes a creditor. Account stated is also a cause of action in many states that allows a creditor to sue for payment.