Why is negotiation important?

What is a negotiation instrument?

Why are these requirements to negotiation important?

Be in writing

Be signed by the maker or drawer

Be an unconditional promise or order to pay

State a fixed amount of money

Be freely transferable from one to another person

Be payable on demand or at a definite time

Be payable to order or to bearer

What are the relationships between negotiable instruments and liabilities?

How does this affect the signing parties?

Can one party be held fully responsible if another party withdraws? Why or why not?