Transfer of Property Act Section 118 — “Exchange” defined
CHAPTER VI OF EXCHANGES
General
Summary
When two people swap ownership of one item for ownership of another, and the items involved are not money, or only one of them is money, this is called an exchange. The transfer of property to complete an exchange must be done in the same way that a sale of that property is done.
Official Text
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. 3[