Credit in the sense in which it has already been defined as a means of exchanging goods has to take some definite form. Although credit itself is intangible, in actual practice it assumes a distinct shape. The form in which credit is represented in ordinary business life, or from another point of view, the forms of credit, or still in other words, tangible evidence of credit, are what are known as credit instruments. Credit instruments may be broadly defined as evidence of obligations between the individuals who are parties to them. They present a variety of aspects, and since they have been the product of gradual business development, they are naturally different both in form and in legal status.