EXCHANGE – SECTION 118...

 Definition:
When two persons mutually transfer
the ownership of one thing for the
ownership of another thing, neither
thing or both things being money only,
that transaction is called Exchange.
...EXCHANGE – SECTION 118
 Parties – Each party is Seller as well as
Buyer;
 Subject Matter – Immovable/Movable
Property;
 Consideration – Thing not being money
alone;
 Effect – Transfer of ownership.
 RIGHTS AND LIABILITIES
 Remedy for defect in title [Section 119]:
 If deprived, in the absence of a contrary
intention, the other party is liable for loss
caused; or at option of deprived person, to
return of thing, if in possession of other
party.
 Each party has the rights and liabilities
of Seller as well as Buyer [Section 120].
 CASES ON EXCHANGE
 Satyavan vs Raghubir [AIR 2002 P&H 290]
 Nivrutti Kushaba Binnar vs Sakhibai [AIR
2009 Bom 93]
 Hari Shanker Mishra vs Vice-Chairman,
Kanpur Development Authority [AIR 2001 All
139]
 Shyam Narayan Prasad vs Krishna Prasad
[AIR 2018 SC 3152]
 Balkrishna Bhagwanji Lohi vs Prakash
Sheshrao Lohi [AIR 2015 Bom 89]