Explanation:

- A negotiable instrument is a document guaranteeing the payment of a specific amount of money, transferable by delivery or endorsement.

- Bearer instruments are payable to whoever has possession of the instrument.

- They are transferable by simple delivery without endorsement.

- Examples include bearer bonds and bearer checks.

- Order instruments are payable only to a specified person or their assignee.

- They require endorsement and delivery for transfer.

- Examples include checks written to specific persons.

- "Both a & b" is not applicable as bearer and order instruments have distinct transfer methods.

- "None of the above" isn't applicable as bearer instruments meet the condition.

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