(i) Time instrument: It is defined as an instrument which is payable sometime in future.
(ii) Accommodation instrument: Bill which is drawn, accepted without consideration.

(i) When a cheque is crossed generally the banker should not pay the amount across the counter.
(ii) The receiver of the amount of the cheque can be easily traced in case the cheque is lost or stolen and collected. Thus the crossing assures safety.

(i) Crossing a cheque refers to the practice of drawing two parallel transverse lines across the face of a cheque with or without the words and Co
(ii) The effect of this crossing is that the drawee bank will pay the amount of a cheque only to the banker.

According to Section 4 of the Negotiable Instruments Act, "a promissory note is an instrument in writing (not being a bank note or a currency note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to or to the order of, a certain person or to the bearer of the instrument".

In the words of Justice K.C. Wills, a negotiable instrument is one,the property in which is acquired by anyone who takes it bonafide and for value, and withstanding any defect to title in the person from whom he took it.

When the maker or holder of a negotiable instrument signs the name, otherwise that as such maker for the purpose of negotiation, on the back or face thereof, or on a slip of paper annexed there to or so signs for the same purpose a stamped paper intended to be completed as a negotiable instrument, he is said to endorse the same and is called the endorsee.

According to section 6 of the Negotiable Instruments Act, 1881 defines a cheque as "a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand"
 

Characteristics of a promissory note:
(i) A promissory note must be in writing.
(ii) The promise to pay must be unconditional.
(iii) It must be signed by the maker.

According to section 5 of the Negotiable Instruments Act, "a bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument''.

(i) The word "Negotiable" means transferable from one person to another in return for consideration.
(ii) The word 'Instrument' means a written document by which a right is created in favour of certain person.
(iii) A negotiable instrument is a document which entitles a person to a certain sum of money and which is transferable from one person to another by mere delivery or by endorsement and delivery.