Section 118 in The Transfer of Property Act, 1882
Title: “Exchange” defined
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.]
Title: Right of party deprived of thing received in exchange.
1[119. Right of party deprived of thing received in exchange-- If any party to an exchange or any person claiming through or under such party is by reason of any defect in the title of the other party deprived of the thing or any part of the thing received by him in exchange, then, unless a contrary intention appears from the terms of the exchange, such other party is liable to him or any person claiming through or under 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 h im without consideration.]
1. Subs. by Act 20 of 1929, s. 59, for section 119.
Title: Rights and liabilities of parties.
Save as otherwise provided in this Chapter, each party has the rights and is subject to the liabilities of a seller as to that which he gives, and the rights and is subject to the liabiliti es of a buyer as to that which he takes.
Title: Exchange of money.
On an exchange of money, each party thereby warrants the genuineness of the money given by him.
Title: “Gift” defined.
Gift is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee.
Acceptance when to be made.-- Such acceptance must be made during the lifetime of the donor and while he is till capable of giving,
If the donee dies before acceptance, the gift is void.