Which of the following is not a characteristic required for a negotiable instrument?

A negotiable instrument must have certain fundamental characteristics to qualify as such. One key characteristic is that it must be unconditional, meaning the payment obligation is not subject to any conditions or contingencies. This ensures that the instrument can be transferred freely without any performance requirements hampering the transfer.

Another essential characteristic is that the instrument must be signed by the maker. This signature indicates the maker's commitment to fulfill the payment, making the instrument legally binding.

In terms of being payable on demand, this means that the holder of the instrument can present it for payment at any time, reinforcing its liquidity and ease of transfer.

The assertion that a negotiable instrument must have a specified date is not accurate. While some instruments may specify a date for payment, it is not a requirement for all negotiable instruments. As such, instruments can be classified as payable on demand, or they may allow for payment at a future date without a specific predetermined date. This flexibility is important in the function and usability of negotiable instruments in commerce.