Describe the concept and importance of negotiability.

Form and Content

Describe the concept and importance of
negotiability.
Identify and describe the types of negotiable
instruments involving an order to pay.
Identify and describe the types of negotiable
instruments involving a promise to pay.
List and explain the formal requirements that an
instrument must meet to be negotiable.
Explain the effect on negotiability of an instrument’s
(1) being undated, antedated, or postdated;
(2) lack of completion; and (3) ambiguity.