How is Exchange defined? Section 118 of Transfer of Property Act, 1882
118. 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.
Section 106 - Duration of certain leases in absence of written contract or local usage
Section 108 - Rights and liabilities of lessor and lessee
Section 109 - Rights of lessor's transferee
Section 110 - Exclusion of day on which term commences
Section 111 - Determination of lease
Section 112 - Waiver of forfeiture
Section 113 - Waiver of notice to quit
Section 114 - Relief against forfeiture for non-payment of rent
Section 114A - Relief against forfeiture in certain other cases
Section 115 - Effect of surrender and forfeiture on under-leases
Section 116 - Effect of holding over
Section 117 - Exemption of leases for agricultural purposes
CHAPTER VI OF EXCHANGES
Section 118 - Exchange defined
Section 119 - Right of party deprived of thing received in exchange
Section 120 - Rights and liabilities of parties
Section 121 - Exchange of money
CHAPTER VII OF GIFTS
Section 123 - Transfer how effected