What is the Difference between exchange and transaction?

EXCHANGE.

1. Exchange is the process of obtaining a desired product from someone by offering something in return. It is also calledbarter

2. Barter agreement between two parties that involves a trade of goods or services of

equal perceived value without any monetary compensation.

TRANSACTION.

1. An agreement between a buyer and a seller to exchange an asset for payment.

2. Agreement, contract, exchange, understanding, or transfer of cash or property that occurs between two or more parties and establishes a legal obligation.

DIFFERENCE BETWEEN EXCHANGE AND TRANSACTION

EXCHANGE

· Give one thing and take back another thing.

· The worth of things does not matter.

· Each party has something that might be of value to the other party.

· Each party is free to accept or reject the exchange offer.

TRANSACTION

· Transaction is to transfer of a tangible thing against cash.

· Transfer of equal value able things or cash.

· Overcharge if possible.

· Transaction involves:

o agreed-upon conditions

o a time of agreement

o and a place of agreement

BY AGENT 47 (UNIVERSITY OF LAHORE)