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English definition of “acceptance”

acceptance

noun     /əkˈseptəns/
[U] the act of agreeing to something such as an offer or invitation: The board has recommended acceptance of the offer. On acceptance of the proposal, a draft agreement will be sent to both parties.
[U] COMMERCE, LAW the act of formally agreeing to buy or sell goods at a particular price or to use something in a particular way: We will confirm acceptance of your order by email. A formal letter of acceptance is sent to the successful supplier. Placing of an order constitutes acceptance of our terms and conditions.
[U] MARKETING willingness of people to use a new product or service or to believe a new idea: gain/find/win acceptance These devices are gaining acceptance within the marketplace.consumer/customer/public acceptance The project aims to assess consumer acceptance of GM foods.
[C] FINANCE an agreement by a shareholder to sell their shares to another company during a takeover: The bidding company has received acceptances in respect of 73.27% of the issued shares.
[C or U] FINANCE an act of agreeing to pay a bill of exchange (= a written order to pay someone a particular amount of money) by writing your name on the document, or the document itself: In essence, an acceptance is a promise to pay.
[U] INSURANCE an agreement or contract between an insurance company and a customer to provide insurance: This life insurance plan offers guaranteed acceptance for the over 50s.
[U] IT, PRODUCTION approval of a new machine, computer system, etc. after testing it to check that it works correctly: A number of acceptance tests were performed.
→ See also banker's acceptance, documents against acceptance, non-acceptance, user acceptance test
(Definition of acceptance noun from the Cambridge Business English Dictionary © Cambridge University Press)
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