A negotiable instrument is a written document that guarantees the payment of a specific amount of money to a designated person or bearer. Common examples include checks, promissory notes, and bills of exchange. These instruments can be transferred from one party to another, allowing the holder to receive the payment. The key feature of a negotiable instrument is its ability to be easily transferred, often by endorsement or delivery. This transferability makes it a convenient tool for conducting transactions and managing debts. Legal frameworks, such as the Uniform Commercial Code in the United States, govern the use and enforcement of these instruments.