Payment may defined as the satisfaction of a promise or the performance of an agreement. Elements of payment are
"the complete or partial discharge of an obligation;
"by actual or constructive delivery;
"of money or its equivalent (such as property);
"by or on behalf of the person obligated to make payment;
"to the person entitled to payment;
"for the purpose of satisfying the obligation in whole or in part; and
"its acceptance as such satisfaction of such obligation by the person who is obligated to make payment.
