What are negotiable Instruments?
Documents of a certain type, used in commercial transactions and monetary dealings, are called Negotiable instruments.
The word ‘negotiable’ means transferable from one person to another and the term ‘instrument’ means ‘any written doc. by which a right is created in favor of some person.
Thus, the negotiable instrument is a doc. by which rights vested in a person can be transferred to another person in accordance with the provisions of the Negotiable Instruments Act, 1881.