To be negotiable, an instrument must be payable on demand.

Question

Quizplus · Accepted Answer

An instrument can be negotiable even if it is not payable on demand. It can also be payable at a specific time or upon the occurrence of a certain event. However, for an instrument to be negotiable it must meet other requirements such as being in writing, signed by the maker or drawer, containing an unconditional promise or order to pay a certain amount, and being payable to order or bearer.

To Be Negotiable, an Instrument Must Be Payable on Demand