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A negotiable instrument refers to any document that is a promise of payment to the bearer or to order.
This means that such a written instrument is transferable from one party to another.
The most common negotiable instruments we see everyday are:
- Promissory notes
Only a person or people whose names appear on a negotiable instrument are liable to to the promise made on it.
By the same token a bearer cannot be refused a payment as long as he or she have the capacity to contract.