Practicing Success
Practicing Success
CUET Preparation Today
| When two or more persons mutually transfer the ownership of one thing for the ownership of another, the transaction is called: |
A transfer
An exchange
Barter
Gift |
| An exchange |
| When two persons transfer ownership of one thing for the ownership of another, it is called exchange as per Section 118 of the TPA. Transfer of property by exchange can be made only by way of sale. The rights and liabilities of the parties to exchange shall be that of the rights and liabilities of the buyer to the extent of receiving and that of the seller to the extent of giving |
