What is the classifications of notions of negotiable instruments ?

Answer 1

There are three classifications of negotiable instruments:

1. Promissory notes: These are written promises by one party to pay a specific amount of money to another party at a future date or on demand.

2. Bills of exchange: These are written orders by one party to another party to pay a specified amount of money to a third party at a specified time.

3. Checks: These are orders by an account holder to their bank to pay a specified amount of money to a designated payee. Checks are a type of bill of exchange that is drawn on a bank and payable on demand.