Phil Jones traded his car to a friend for a boat. In this transaction, no money was involved; therefore, it cannot be considered to constitute an exchange.

Name: Phil Jones traded his car to a friend for a boat. In this transaction, no money was involved; therefore, it cannot be considered to constitute an exchange.
Brand: Quizplus
Rating: 4.9 (45 reviews)

Question

Quizplus · Accepted Answer

The transaction still constitutes an exchange even if no money was involved. There was a swap of two assets (car and boat) between two parties, which is considered an exchange.

Phil Jones Traded His Car to a Friend for a Boat