THE ESSENTIALS OF NEGOTI ABILITY. In order that written instruments may pass current or have the character and superior advantages accorded to commercial paper, they must bear certain indicia of their worth and nature upon their face. These requisites or essentials of negotiability are thus stated by Professor Walker: "First, it must be in writing; secondly, it must be for the payment of money only, and not for other property; thirdly, it must be for the payment of a sum certain, and not for unliquidated damages; fourthly, the sum promised must be payable abso lutely, and without conditions; fifthly, the contract must contain words of negotiability, as 'to order,' 'to assigns, ' or 'to bearer'; and sixthly, it must import a consideration, so as to preclude the neces sity of inquiry and proof." (Am. Law, Sec. 180.) A contract possessing these properties Professor Walker states to be fitted for negotiation, since it is liable to no other question than what relates to the responsibility of the parties.
In the succeeding chapter we shall discuss, one by one, these essentials of negotiability, and explain their meaning in detail.