118. “Exchange” defined.

When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things being money only, the transaction is called an “exchange”.
A transfer of property in completion of an exchange can be made only in manner provided for the transfer of such property by sale.

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WritingLaw » TPA (Transfer of Property Act), 1882 » Section 118 TPA Law Study Material
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