12:56
I’ve been banging the Agni Kai music lately
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LSDefine
Simple English definitions for legal terms
acceptance supra protest
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A quick definition of acceptance supra protest:
Acceptance is when someone agrees to the terms of an offer, either by saying yes or by doing something that shows they agree. This creates a binding contract. If someone changes the terms of the offer, it becomes a counteroffer. Acceptance can also refer to a buyer agreeing to take goods in a sale, or to someone agreeing to pay a negotiable instrument like a bill of exchange. There are different types of acceptance, like express acceptance (written or spoken), implied acceptance (shown through actions), and conditional acceptance (agreement to pay based on a specific event). Acceptance for honor is when someone else agrees to pay a debt to protect the honor or credit of someone else.A more thorough explanation:
Definition: Acceptance supra protest is a type of acceptance for honor. It is an acceptance or undertaking made by a third party, not a party to the instrument, to protect the honor or credit of one of the parties. The third party agrees to pay the debt when it becomes due if the original drawee does not. This type of acceptance inures to the benefit of all successors to the party for whose benefit it is made.
Example: A bill of exchange has been dishonored by non-acceptance and is not overdue. With the consent of the holder, the bill may be accepted for the honor of either the drawer or an indorser by a friend placing his own name upon it as acceptor for the whole or part only of the amount of the bill. After a protest has been drawn up declaratory of its dishonor by the drawee, the bill can be accepted for honor supra protest.
Explanation: In this example, the third party accepts the bill for the honor of the drawer or indorser to prevent the bill from being sent back upon them as unpaid. This type of acceptance is an exception to the rule that only the drawee can accept a bill. It is called acceptance supra protest because it is made after a protest has been drawn up declaratory of its dishonor by the drawee.