What are the characteristics of a negotiable instrument?

A negotiable instrument is a written document that guarantees the payment of a specific amount of money to the bearer or a designated party. Key characteristics include transferability, meaning it can be easily transferred from one party to another, and the ability to be enforced in a court of law. Additionally, it must be unconditional, specifying a definite sum of money, and must be payable either on demand or at a specified future date. Common examples include checks, promissory notes, and bills of exchange.