And the ability to quickly negotiate instruments makes economies efficient. You just sign (endorse) the back of a draft (check) and the bank accepts it, and endorses it to the payor bank. If it's accepted, your account gets credited (which actually means the bank is indebted to you... you're its creditor). If it's dishonor, the ucc warranties pass the draft back in reverse order of negotiation, and your bank mails it back to you.

With substitute checks (images with guarantees of possession) the system can move even faster.

Sales are similar, but there's the course of dealing doctrine and the battle of the forms. Thanks for the flashbacks. 😭