Negotiable instruments -- The negotiable concept -- The Bills of Exchange Act, 1964 -- Negotiable instruments not governed by the Act -- Wertpapier -- Some fundamental distinctions -- Instruments 'payable to bearer'/'payable to order' -- Validity and liability distinguished -- Regularity distinguished from validity and liability -- Signature -- Authority -- Value -- The holder -- Defences to the holder's claim -- Conversion of bearer instrument into order instrument, and vice versa -- Negotiable instruments, legal tender, and payment -- The complex nature of a cheque.