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    Question

    Transaction of transfer of ownership in the property for a price partly paid and partly promised is:

    A Sale Correct Answer Incorrect Answer
    B exchange Correct Answer Incorrect Answer
    C Both A and B. Correct Answer Incorrect Answer
    D Either A or B Correct Answer Incorrect Answer
    E Mortgage of money Correct Answer Incorrect Answer

    Solution

    As per s.54 of the TP Act, 1882. 54. “Sale” defined.—“Sale” is a transfer of ownership in exchange for a price paid or promised  or part-paid and part-promised.

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