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What does negotiability mean?

Looking for the meaning or definition of the word negotiability? Here's what it means.

Noun
  1. The state of being negotiable - used especially of a financial instrument.
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Examples
To be negotiable, an instrument must contain language of negotiability.
The common phrases of negotiability are Pay to the order of, or Pay to bearer.
Although often considered foundational in business law, the modern relevance of negotiability has been questioned.
Then they try to buy them based on the negotiability of the horses.
During the past weeks all the balance of his belongings that possessed any negotiability whatsoever had been turned into meal.
At common law, a seal destroyed the negotiability of an instrument.

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