1151. Meaning of 'sale'.

The word 'sale' connotes a price in money1 paid or promised2. However, a part exchange may be characterised as a sale where the transaction takes the form of a sale of property for a total price in money, agreed between the parties, which is to be satisfied in part by the transfer of the purchaser's property, provided that the balance paid by the purchaser is not merely a nominal amount3.

It is the true legal effect of the instrument which determines whether the instrument falls into a particular category which attracts a charge