Acceptor. A person or entity that accepts negotiable instrument and agrees to be primarily
responsible for its payment or performance.
Acceptance by silence. Acceptance of an offer not by explicit words but through the lack of
an offeree’s response in circumstances in which the relationship between the offeror and the offeree justifies both the offeror’s expectation of a reply and the offeror’s reasonable conclusion that the lack of one signals acceptance. Ordinarily, silence does not give rise to an acceptance of an offer, but this exception arises when the offeree has a duty to speak.
Conditional acceptance. An agreement to pay a draft on the occurrence or nonoccurrence of a
particular event.
Draft. An unconditional written order signed by one person (the drawer)
directing another person to (the drawee or payor) to pay a certain sum of money on demand or at a definite time to a third person (the payee) or to the bearer. [ A check is most common example of a draft. — Also termed bill of exchange; letter of exchange. CF. Note. See also: Sight
draft
Sight draft. A draft that is payable on the bearer’s demand or on proper presentment to the
drawer. [This also is a demand draft.]
Drawer. One how directs a person or entity, usu. a bank, to pay a sum of money stated in an
instrument — for example, a person who writes a check; the maker of a note or draft.
Drawee. The person or entity that a draft is directed to and that is required to pay the amount
stated on it. The drawee is usu. a bank that is directed to pay a sum of money on an instrument. — Also termed payor.
Payee. One to whom money is paid or payable; especially a party named in commercial paper as
the recipient of the payment.
Actors in an IRS situation.
Claimant: UNITED STATES
Drawer: Department of the Treasury, i.e., Secretary of the Treasury Steven Mnuchin.
Drawee: JOE P LUNCHBUCKET
Payee: United States Treasury
Acceptor: Joe Patriot Lunchbucket, authorized representative of drawee JOE P LUNCHBUCKET
What is coming out of this is that Joe Patriot Lunchbucket and JOE P LUNCHBUCKET conditionally accepts the claimant’s offer if the Claimant did not make a mistake that will be both the Drawee’s and the Acceptor’s defense. (by reason
real defense of Mistakes which render a contract void).
More to come on this.
