What does P/X mean in Texting?

Part exchange

A part exchange or part exchange deal is a type of contract. In a part exchange, instead of one party to the contract paying money and the other party supplying goods/services, both parties supply goods/services, the first party supplying part money and part goods/services. Whether a part exchange is a sale or a barter is a fine point of law. It depends from whether a monetary value is assigned to the non-money goods supplied. Several cases at law clarify this. In the case of Flynn v Mackin and Mahon an old car was supplied in part exchange for a new car, along with £250. This was held to be a barter, because no monetary value was affixed to the old car. However, in Aldridge v Johnson a similar transaction was held to be a sale, because a monetary value was assigned to the item being exchanged, and cash then used to make up the difference to the price of the item being purchased. If the contract had been structured as "23 bullocks and £23 for 100 quarters of barley" then it could have qualified as barter. It is the affixture of the monetary value of £192 to the bullocks and £215 to the barley that made it a sale. Indeed, it is not necessary even for the contracting parties themselves to assign a monetary value to the goods for a part exchange deal to be held to be a sale. In Bull v Parker, the court itself assigned a value for new riding equipment, sold for some old riding equipment and £2. If goods/services have obvious monetary values, then a part exchange deal can be held to be a sale.

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