A negotiable instrument must contain an order to pay or what other element?

A negotiable instrument must contain either an order to pay or a promise to pay in order to be considered valid. The promise to pay is essential because it indicates that the maker or issuer of the instrument is legally bound to pay a specific amount to the payee at a specified time or on demand. This element ensures that the instrument can be enforced in a court of law, providing security and clarity in financial transactions.

The other elements listed, such as an account number, collaterals, or signatures of two witnesses, are not necessary for a negotiable instrument to be valid. An account number may help identify which account is involved in a transaction but is not a requirement for the negotiability of the instrument. Collaterals refer to assets pledged as security for a loan and are unrelated to the fundamental requirements of a negotiable instrument. Similarly, while signatures of witnesses can add credibility to a document, they are not a requisite for the enforceability of a negotiable instrument; it is sufficient to have the signature of the maker or drawer.