1. The Negotiable Instruments Act defines negotiable instruments as written documents that are transferable by delivery or endorsement and include promissory notes, bills of exchange, and cheques payable either to order or to bearer. 2. For an instrument to be negotiable, it must be in writing and signed, provide for payment of money, be payable at a certain time, and allow the holder to sue in their own name. 3. The Act was amended in 1988 and 2002 to address dishonor of cheques and increase their credibility by making dishonor an offence, inserting additional sections, and enhancing penalties.