What do you mean by orders to pay and promises to pay ?

• Orders to pay are drafts or checks.
• A draft is a three party instrument that is an unconditional written order by one party that orders the second party to pay money to a third party.
• A check is a draft that is drawn on a financial institution and is payable on demand. Promises to pay are promissory notes and certificates of deposit.
• A promissory note is a two party instrument that is an unconditional written promise by one party to pay money to another party.
• A certificate of deposit is a special type of note where the maker is the financial institution that issues the certificate and the payee is the party to whom the certificate is made payable.