Qualified acceptance

Qualified acceptance,

Definition of Qualified acceptance:

  1. That is not a general acceptance. Qualified acceptance alters the original terms of a bill of exchange and may be treated by the bills holder as dishonor by non-acceptance. If a holder takes a qualified acceptance without the bill drawers or endorsers authorization or subsequent assent, the drawer or endorser is released from his or her liability on the bill.

  2. Purchasing: A qualified acceptance puts the ball back in the original offerors court who must either accept the counter offer or respond with its own counter-counter offer.

Meaning of Qualified acceptance & Qualified acceptance Definition