Chapter 23: Negotiable Instruments
The law of negotiable instruments allows people to transact business without carrying around large sums of money. In addition, the law allows people to purchase items that they will pay for at a later date. A negotiable instrument is a written document giving special legal rights to the transferee that may be transferred by endorsement or delivery. To be negotiable, an instrument must be in writing, must be signed by the maker, and must contain an unconditional promise or order to pay. It must be payable in a fixed sum of money, be payable on demand or at a definite time, and include words of negotiability. As you begin to make business and financial decisions, you will be better equipped to do so with the information you study in this chapter.
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