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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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