virtual acceptance
Definitions from Case Law · United States Supreme Court
Definitions from Case Law
From 15 U.S. 66 - Coolidge v. Payson · 1817Most cited · 60 citing opinions
of bill of exchange by letter
a letter written within a reasonable time before or after the date of a bill of exchange, describing it in terms not to be mistaken, and promising to accept it, is, if shown to the person who afterwards takes the bill on the credit of the letter, a virtual acceptance binding the person who makes the promise.
How often courts cite the cases defining “virtual acceptance”
Court decisions citing the 2 opinions that defined “virtual acceptance” — 86 in all, by decade. Counts are citations to the defining cases as a whole, not verified uses of the term. The dip in the most recent years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the latest years.
All 2 definitions, chronological · 1817–1830
The rule on this subject is laid down with great precision by this court, in the case of Coolidge vs. Payson... that a letter written within a reasonable time, before or after the date of a bill of exchange, describing it in terms not to be mistaken, and promising to accept it; is, if shown to the person who afterwards takes the bill on the credit of the letter, a virtual acceptance, binding the person who makes the promise... [the authority must be] pointed at the specific bill or bills to which it is intended to be applied; in order that the party who takes the bill upon the credit of such authority may not be mistaken in its application.
Coolidge v. Payson rule