Seven essential criteria for negotiable instruments
What are the seven essential criteria for negotiable instruments?
Expert
There are seven essential criteria for negotiable instruments to acquire the desirable features are:-
1. The promise or order must be in writing.
2. The obligation must be for money payment.
3. The money promised must be a "sum certain."
4. The promise or order must be unconditional.
5. The money must be payable at a fixed or determinable time or on demand.
6. Negotiation must be of the whole instrument.
7. The instrument must be signed by the drawer or maker (or an authorized agent).
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