What does acceptance for honor mean?

acceptance for honor meaning in Law Dictionary

whenever an authorized agrees to pay for an unpaid financial obligation. It is also referred to as an acceptance supra protest.

acceptance for honor meaning in Business Dictionary

Undertaking by a third party to accept and pay (in part or in full) a bill of exchange that has been dishonored, either by non-acceptance (see dishonor by non-acceptance) or by non-payment (see dishonor by non payment) by the party on who it absolutely was drawn. Also referred to as acceptance supra protest.