To be negotiable, an instrument must condition its terms on the occurrence or nonoccurrence of some other event or agreement.

Negotiable

Capable of being transferred or exchanged through endorsement or delivery, usually in the context of financial instruments.

Occurrence

An event or incident that takes place, often used in legal and insurance contexts to specify an event covered by a policy or agreement.

Nonoccurrence

The failure or absence of an event or condition that was anticipated or required.