Something that can be discussed and changed through discussion, or a financial document that can be transferred to another person.
From Latin 'negotiari' (meaning 'to carry on business'), from 'negotium' (business or work). The suffix '-able' means 'able to be,' so it means 'able to be negotiated.'
Negotiable instruments like checks and bonds revolutionized commerce because they could be transferred between people—before this, you had to get money directly from the original payer, which severely limited trade and business possibilities!
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