The three characteristics of a negotiable instrument are:

1. Transferability by delivery: A negotiable instrument can be transferred by mere delivery if payable to the bearer, or by delivery and endorsement if payable to order.
2. Title: The transferee of a negotiable instrument can acquire a good title and can sue in their own name.
3. Presumption of consideration: It is presumed that consideration has been given for the instrument unless proven otherwise.