Instruments such as cheques are considered as a type of negotiable instrument. Why is it called “negotiable” and what can be negotiated about it ?
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A negotiable instrument is a signed document that promises a payment to a specified person or assignee. Negotiable instruments are transferable, which allows the recipient to take the funds as cash, then use them as preferred. Examples of negotiable instruments include checks, money orders, and promissory notes.
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