Exchange : (noun)
1: chemical process in which one atom or ion or group changes
places with another
2: a mutual expression of views (especially an unpleasant one);
"they had a bitter exchange"
3: the act of changing one thing for another thing; "Adam was
promised immortality in exchange for his disobedience";
"there was an exchange of prisoners"
4: the act of giving something in return for something
received; "deductible losses on sales or exchanges of
property are allowable"
5: a workplace that serves as a telecommunications facility
where lines from telephones can be connected together to
permit communication [syn: central, telephone exchange]
6: a workplace for buying and selling; open only to members
7: (sports) an unbroken sequence of several successive strokes;
"after a short rally Connors won the point" [syn: rally]
8: reciprocal transfer of equivalent sums of money especially
the currencies of different countries; "he earns his
living from the interchange of currency" [syn: interchange]
9: the act of putting one thing or person in the place of
another: "he sent Smith in for Jones but the substitution
came too late to help" [syn: substitution, commutation]
10: (chess) gaining (or losing) a rook in return for a knight or
bishop; "black lost the exchange"
11: (chess) the capture by both players (usually on consecutive
moves) of pieces of equal value; "the endgame began after
the exchange of queens"
(verb)
1: give to, and receive from, one another; "Would you change
places with me?"; "We have been exchanging letters for a
year" [syn: change, interchange]
2: exchange or replace with another, usually of the same kind
or category; "Could you convert my dollars into pounds?";
"He changed his name"; "convert centimeters into inches";
"convert holdings into shares" [syn: change, commute,
convert]
3: change over, change around, or switch over [syn: switch
over, switch]
4: hand over one and receive another, approximately equivalent;
"exchange prisoners"; "exchange employees between
branches of the company"
5: exchange a penalty for a less severe one [syn: commute, convert]
Based on WordNet 2.0
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Exchange : \Ex*change"\, n. [OE. eschange, eschaunge, OF.
eschange, fr. eschangier, F. ['e]changer, to exchange; pref.
ex- out _ F. changer. See Change, and cf. Excamb.]
1. 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.
2. 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.
3. The thing given or received in return; esp., a publication
exchanged for another. --Shak.
4. (Com.) 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.
Note: A in London is creditor to B in New York, and C in
London owes D in New York a like sum. A in London draws
a bill of exchange on B in New York; C in London
purchases the bill, by which A receives his debt due
from B in New York. C transmits the bill to D in New
York, who receives the amount from B.
5. (Law) 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.
--Blackstone.
6. 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.
Arbitration of exchange. See under Arbitration.
Bill of exchange. See under Bill.
Exchange broker. See under Broker.
Par of exchange, the established value of the coin or
standard of value of one country when expressed in the
coin or standard of another, as the value of the pound
sterling in the currency of France or the United States.
The par of exchange rarely varies, and serves as a measure
for the rise and fall of exchange that is affected by the
demand and supply. Exchange is at par when, for example, a
bill in New York, for the payment of one hundred pounds
sterling in London, can be purchased for the sum. Exchange
is in favor of a place when it can be purchased there at
or above par.
Telephone exchange, a central office in which the wires of
any two telephones or telephone stations may be connected
to permit conversation.
Syn: Barter; dealing; trade; traffic; interchange.
Based on Webster's Revised Unabridged Dictionary
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Exchange : \Ex*change"\, v. i.
To be changed or received in exchange for; to pass in
exchange; as, dollar exchanges for ten dimes.
Based on Webster's Revised Unabridged Dictionary
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Exchange : \Ex*change"\, v. t. [imp. & p. p. Exchanged; p. pr. &
vb. n. Exchanging.] [Cf.OF. eschangier, F. ['e]changer. See
Exchange, n.]
1. To part with give, or transfer to another in consideration
of something received as an equivalent; -- usually
followed by for before the thing received.
Exchange his sheep for shells, or wool for a
sparking pebble or a diamond. --Locke.
2. To part with for a substitute; to lay aside, quit, or
resign (something being received in place of the thing
parted with); as, to exchange a palace for cell.
And death for life exchanged foolishly. --Spenser.
To shift his being Is to exchange one misery with
another. --Shak.
3. To give and receive reciprocally, as things of the same
kind; to barter; to swap; as, to exchange horses with a
neighbor; to exchange houses or hats.
Exchange forgiveness with me, noble Hamlet. --Shak.
Syn: To barter; change; commute; interchange; bargain; truck;
swap; traffic.
Based on Webster's Revised Unabridged Dictionary
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EXCHANGE, com. law. This word has several significations.
2.-1.Exchange : is a negotiation by which one person transfers to
another funds which he has in a certain place, either at a price agreed
upon, or which is fixed by commercial usage. This transfer is made by means
of an instrument which represents such funds, and is well known by the name
of a bill of exchange.
3.-2. The price which is paid in order to obtain such transfer, is
also known among merchants by the name of exchange; as, exchange on England
is five per cent. See 4 Wash. C. C. R. 307. Exchange on foreign money is to
be calculated according to the usual rate at the time of trial. 5 S. & R.
48.
4.-3. Barter, (q.v.) or the transfer of goods and chattels for other
goods and chattels, is also known by the name of exchange, though the term
barter is more commonly used.
5.-4. The French writers on commercial law, denominate the profit
which arises from a maritime loan, exchange, when such profit is a
percentage on the money lent, considering it in the light of money lent in
one place to be returned in another, with a difference in amount in the sum
borrowed and that paid, arising from the difference of time and place. Hall
on Mar. Loans, 56, n.; and the articles Interest; Maritime; Premium.
6.-5. By exchange is also meant, the place where merchants, captains
of vessels, exchange agents and brokers, assemble to transact their
business. Code de Comm. art. 71.
7.-6. According to the Civil Code of Louisiana, art. 1758, exchange
imports a reciprocal contract, by which. the parties enter into mutual
agreement. 14 Pet. 133. Vide the articles. Bills of Exchange; Damages on
Bills of Exchange and Reexchange. Also Civ. Code of Lo. art. 2630.
Based on Bouvier's Law Dictionary, Revised 6th Ed (1856) [Bouvier_Law_Dictionary]:
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Exchange : conveyancing. An exchange is a mutual grant of equal interests in
land, the one in consideration of the other. 2 Bl. Com. 323; Litt. s. 62;
Touchs. 289; Watk. Prin. Con. It is said that exchange, in the United
States, does not differ from bargain and sale. 2 Bouv. Inst. n. 2055.
2. There are five circumstances necessary to an exchange. 1. That the
estates given be equal. 2. That the word escambium or exchange be used,
which cannot be supplied by any other word, or described by circumlocution.
3. That there be an execution by entry or claim in the life of the parties.
4. That if it be of things which lie in grant, it be by deed. 5. That if the
lands lie in several counties, it be by deed indented; or if the thing lie
in grant, though they be in one county. In practice this mode of
conveyancing is nearly obsolete. Vide Cruise, Dig. tit. 32 Perk. ch. 4 10
Vin. Ab. 125; Com. Dig. h.t.; Nels. Ab. h.t.; Co. Litt. 51; Hardin's R.
593 1 N. H. Rep. 65 3 Har. & John. 361; 1 Rolle's Ab. 813, 3 Wils. R. 489.
Vide Watk. Prin. Con. b. 2, c. 5; Horsman, 362 and 3 Wood, 243, for forms.
Based on Bouvier's Law Dictionary, Revised 6th Ed (1856) [Bouvier_Law_Dictionary]:
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