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qualified acceptance This is one which is express terms varies the effect of the bill of exchange as drawn, and may be : (1) Conditional-One which makes payment by the acceptor, dependent on the fulfilment of a condition, e.g. Accepted. Payable when good are sold . (2) Partial- An acceptance to pay part of the amount only for which the bill is drawn; (3) Local-An acceptance to pay only at a specified place; (4) Qualified as to time-A bill drawn for two months accepted payable in three months; and (5) Acceptance by some of the drawees only-A bill drawn on A, B and C, accepted by A and B only. |