Accepted for Value

Acceptance for Value

In commercial law, acceptance for value is relating to contracts. See in this Encyclopedia the meaning of Simple Contracts and the meaning of Adhesion Contracts. Example of adhesion contracts are gas or electricity contracts, or traffic tickets. In some instances, if the contract has been a negotiated contract instead of an adhesion contract, the court would have listened to both sides equally, then make a decision as to what would have been a fair value to pay.

In the United States

The Uniform Commercial Code, in the Article 3, deals with negotiable instruments. Article 8 deals with investment securities, and Article 9 deals with secured transactions. In addition to opinions written by Courts about remedies, all three of these articles hold a key to understanding commercial setoff. The UCC had an overhaul in 2000, but the major
principles remain the same. The changes appear to be to the sections that deal with
secured transactions (Article 9) and some with investment securities (Article 8), but
negotiable instruments are what lead to those securities. The phrase “accepted for
value” has little coverage in the code books or in court opinions.

Acceptance, Accept and Value

The commercial terms “acceptance” and “value” and how they relate
to instruments in general may be relevant to this topic.

• Acceptance: “An agreement, either by express act or by implication from conduct, to the terms of an offer so that a binding contract is formed. If an acceptance modifies the terms or adds new ones, it generally operates as a counteroffer.”(Black’s 7th). See also Acceptance in this Legal Encyclopedia and Acceptance in the U.S. Legal Encyclopedia.
• Accept: “To receive with approval or satisfaction; to receive with intent to retain.”(Black’s 4th). See also Accept in the Online Legal Dictionary
• Acceptance: “The taking and receiving of anything in good part, and as it were a tacit agreement to a preceding act, which might have been defeated or avoided if such acceptance had not been made.”(Black’s 4th) See also Acceptance in the Online Legal Dictionary

See Also

1958 Convention: Generally accepted principles
Adhesion Contracts
United Nations Convention on Contracts for the International Sale of Goods
Eastern Air Lines, Inc. v. Gulf Oil Corporation
Callano v. Oakwood Park Homes
Outline of International trading of goods agreements
Ragosta v. Wilder
Transport conventions
Outline of Crossborder business transactions contracts