Non-legal tender money like cheques, bank drafts, hundies, bills of exchange etc. are called

Optional money refers to non-legal tender credit instruments—such as cheques, bank drafts, hundies, and bills of exchange—that function as a medium of exchange on the basis of mutual trust, without any legal compulsion on the payee to accept them. Near money, by contrast, consists of highly liquid financial assets like time deposits or Treasury bills that serve as a store of value rather than a direct medium of exchange.