bargained-for exchange. Contracts. A benefit or detriment that the parties to a contract agree to as the price of performance in return for a promise. • The Restatement of Contracts (Second) defines consideration exclusively in terms of bargain, but it does not mention benefit or detriment.
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exchange, n. Commercial law. 1. The act of transferring interests, each in consideration for the other. [Cases: Exchange of Property 1. C.J.S. Exchange of Property §§ 2–3.] bargained-for exchange. See BARGAINED-FOR EXCHANGE. like-kind exchange. See LIKE-KIND EXCHANGE. tax-free exchange. See TAX-FREE EXCHANGE. 1031 exchange. See 1031 EXCHANGE. 2. Money or negotiable instruments presented as payment;
bargainor (bahr-g[schwa]n-ororbahr-g[schwa]-n[schwa]r). The seller in a bargained-for exchange.