Definition

• n. - The act of giving or taking one thing in return for another which is regarded as an equivalent; as, an exchange of cattle for grain.
• n. - The act of substituting one thing in the place of another; as, an exchange of grief for joy, or of a scepter for a sword, and the like; also, the act of giving and receiving reciprocally; as, an exchange of civilities or views.
• n. - The thing given or received in return; esp., a publication exchanged for another.
• n. - The process of setting accounts or debts between parties residing at a distance from each other, without the intervention of money, by exchanging orders or drafts, called bills of exchange. These may be drawn in one country and payable in another, in which case they are called foreign bills; or they may be drawn and made payable in the same country, in which case they are called inland bills. The term bill of exchange is often abbreviated into exchange; as, to buy or sell exchange.
• n. - A mutual grant of equal interests, the one in consideration of the other. Estates exchanged must be equal in quantity, as fee simple for fee simple.
• n. - The place where the merchants, brokers, and bankers of a city meet at certain hours, to transact business. In this sense often contracted to 'Change.