Legal Definitions - exchange

Exchange refers to the act of trading goods or services for other goods or services of equal value. It can also refer to the organization that facilitates trading between buyers and sellers of commodities and securities.

• A farmer exchanging their crops for money or other goods
• A person exchanging their old phone for a new one at a store
• A stock exchange where investors buy and sell shares of companies
• A currency exchange where people trade one currency for another

These examples illustrate the concept of exchange, where two parties agree to trade something of equal value. In each case, both parties benefit from the exchange, as they receive something they value more than what they gave up.