Exchange in Transfer of Property Act PDF

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Exchange in Transfer of Property Act TPA...

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EXCHANGE In transfer of property act

Name: Class no: Semester:

Assignment 1

Submitted to maam nazish

Exchange Introduction: Transfer of property from one person to another person is governed by the transfer of property act. Exchange is also one of the several methods of transfer.

Definition: Exchange” is defined under section 118 as; 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”.

Explanation: In the case of an exchange, the transfer of ownership of one thing is not completed by paying a price or a promise thereof, but, only by a transfer of another thing, in return. If one of the items that are transferred is money, the transaction is not an exchange but a sale because the price is money, only. However, money, in one form, may be exchanged for money in another form. So, also, an exchange of one stamp for another is not a sale. A sale should, always, be for a price.

Money can be exchanged: Mode of transfer: Money in one form may be exchanged for money in another form.

119: Right of deprived party: In case a party, receiving a thing in exchange, is deprived of such thing due to a defective title of the other party to the exchange transaction, such deprived party can avail of the remedy that is stated in section 119 of the Act. The deprived party in such a case is entitled to get back the thing that has been given to the other party during the transaction, provided it still lies in the possession of the other party. ‘If any party to an exchange is, by reason of any defect in the title of the other party, deprived of the thing received by him in exchange, then such other party is liable to him for loss caused thereby, or at the option of the person so deprived, for the return of the thing transferred, if still in the possession of such other party or his legal representative or a transferee from him without consideration’’

120. Rights and liabilities of parties. each party has the rights and is subject to the liabilities of a seller as to that which he gives, and has the rights and is subject to the liabilities of a buyer as to that which he takes.

121. Exchange of money. On an exchange of money, each party thereby warrants the genuineness of the money given by, him.

References;  The Transfer of Property Act 1882 - Punjab Laws http://punjablaws.gov.pk/laws/8c.html  Exchange defined | Transfer of Property Act, 1882 | Bare Acts  

https://www.advocatekhoj.com/library/bareacts/transferofproperty/118.php? Title=Transfer%20of%20Property%20Act,%201882&STitle=Exchange%20defined scope of exchange under transfer of property act, 1882 https://lawyersgyan.com/blog/scope-exchange-transfer-of-property-act/ 118 TP Act 1882 | Exchange defined | Section 118 of Transfer http://www.aaptaxlaw.com/transfer-of-property-act/section-118-transfer-of-property-actexchange-defined-section-118-of-transfer-of-property-act-1882.html...