This term has several related meanings: (1) A time draught (or bill of exchange) that the drawee has accepted and is unconditionally obligated to pay at maturity. The draught must be presented first for acceptance - the drawee becomes the "acceptor" - then for payment. The word "accepted" and the date and place of payment must be written on the face of the draft.(2) The drawee's act in receiving a draught and thus entering into the obligation to pay its value at maturity.(3) Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms