What is the classifications of notions of negotiable instruments ?
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.