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Promissory notes, bills of exchange and cheques are together defined as _______.

  • Promissory notes, bills of exchange and cheques are together defined as a Negotiable instrument.
  • A negotiable instrument is a written document that promises the payment of a specific amount of money to a specified person or the bearer of the instrument.
  • These instruments are used as a means of payment and are often transferred from one person to another as a form of payment or as a means of obtaining credit.
  • The negotiability of these instruments means that they can be transferred to others and can be used as a form of payment, much like cash.
  • They are considered to be a form of currency, and they can be used to settle debts, purchase goods and services, or as a means of obtaining credit.