Seven essential criteria for negotiable instruments

Question

What are the seven essential criteria for negotiable instruments?

Answer 1

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).