What are written instruments that can be transferred as a substitute for money or as instruments of credit called?

The correct answer is "Negotiable Instruments." These are defined as written instruments that represent a promise or order to pay a specified amount of money to the bearer or a specified party. The key characteristic of negotiable instruments is that they can be transferred from one person to another, allowing the holder to receive funds, making them a substitute for cash in transactions. Common examples include checks, promissory notes, and bills of exchange.

The concept of negotiable instruments is foundational in commercial law because it facilitates trade and transactions by providing a secure and transferable means of credit. In comparison to the other terms, "secured instruments" refer to financial tools secured by collateral to reduce the risk to lenders. "Promissory instruments," while related to the promise to pay, are a specific type of negotiable instrument, whereas "financial instruments" is a broader term that encompasses various forms of monetary assets but does not specifically refer to their negotiability or transferability. Understanding the distinct nature of negotiable instruments is crucial for comprehending how they function within the larger system of finance and trade.