virtual acceptance
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 15 U.S. 66 - Coolidge v. Payson · 1817Most cited · 60 citing opinions
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.