Q.What is meant by acceptance of a bill of exchange?

A drawn bill has no force until the drawee accepts it; acceptance is that formal step. …

Until the drawee assents to it, a bill is merely a draft. Acceptance is the drawee's formal agreement to the drawer's order to pay: the drawee writes the word 'Accepted' across the face of the bill and signs it. Once accepted, the drawee becomes the acceptor and is legally bound to pay the bill on its due date. …