Explanation

a. Standing Order; This is an order or instruction to the bank by a customer, to pay a certain sum of money to a named person or organisation on his behalf at regular intervals. 

b. Bank Draft; It is a cheque drawn on a bank by itself or its branch to guarantee payment. 

c. Legal Tender; This is a form of payment which by law a creditor must accept in settlement of a debt. 

d. Money Order; This is a form of payment through the Post Office where the payer fills a form to include the payee's name, amount payable and the post office of collection. 

c. IOU; This is drawn by the debtor to the creditor acknowledging a debt. 

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