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1 a : a giving of something of value (as real property) in return for something of equal value (as money or property of a like kind)
b in the civil law of Louisiana
: a giving of something of value in return for something of equal value except money compare sale
2 : an organized market or center for trading in securities or commodities
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.