laud

An approval or praise is what we call "laud". You might hear someone give a laudatory speech at an awards ceremony.

The word "laud" can sound formal because it's used in both informal and official situations. For example, if you really like a book, you could say that the author's description of love was laudable – that means you think it's praiseworthy or deserving of praise. On the other hand, in law or public policy, "laud" might be used more formally to describe someone or something worthy of commendation or honor.