The Nature of Commercial Documents

Explanation of the nature of business documents such as checks, promissory notes, and bills of exchange great help to improve business relationships because play a key role in the business transactions of individuals and financial institutions. A commercial paper is a marketable and negotiable document. Despite all differences, commercial papers have some features in common. In this study, we examine different views on the nature of commercial papers in a descriptiveanalytic manner while trying to introduce the common features of commercial papers, for instance, showing the debt, negotiability, preventing obtaining extra security, differentiability of character, unconditionality, issuing a writ of security for the relief sought, and joint and several liabilities concerning commercial papers. This section explains nine views of the nature of commercial documents, such as cession of claim, advocacy, draft, agency theory, theories of conversion of commitment, and unilateral commitment, theory of trust and theories based on the dual nature of the commercial document, independent's view means guaranteeing its fulfillment despite the survival of the debt owed by the principal debtor and his responsibility.