To introduce our unit on negotiable instruments, I first defined the term "negotiable instrument" and explained that these instruments are freely transferrable to other holders. We then explored the elements of a negotiable instrument: 1. an unconditional promise 2. to pay a sum certain 3. " to the order of" the payee 4. at a definite time or on demand , and 5. signed by the maker. I discussed how negotiability played a role in the banking/foreclosure crisis of 2008.