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Negotiate has two distinct legal meanings:
1) it can refer to the transfering of title or ownership to another party as a form of payment. Something which is negotiable is transferable by indorsement and delivery. A negotiable instrument could be a check made out to anotherperson, because that person could indorse it for payment or transfer it to someone else as payment to them.
2) it can also refer to discussions or other exchange regarding the adjusting or modification of a contract or agreement. For example, when a price is said to be negotiable, it means that the seller is open to the possibility of reducing the price.