Coolidge v. Payson - 15 U.S. 66 (1817)
U.S. Supreme Court
Coolidge v. Payson, 15 U.S. 66 (1817)
Coolidge v. Payson
15 U.S. 66
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.
The prevailing inducement for considering a promise to accept as an acceptance is that thereby credit is given to the bill.