What are the elements of a negotiable instrument?

1. In writing and signed by the  maker or drawer

2. Contains an unconditional promise or order to pay a sum certain in money

3. Payable on demand, or at a fixed or determinable future time

4. Payable to order or to bearer (so called badges of negotiability)

5. If addressed to a drawee, he must be named or otherwise indicated with reasonable certainty. (Sec. 1)

Note: A negotiable instrument need not follow the exact language of NIL, as long as the terms are sufficient which clearly indicate an intention to conform to the requirements of the law. (Sec. 10) No. 5 applies only to bills of exchange. A promissory note has no drawee.