Transaction/trænˈzækʃn/ Definition 1 of 3Pro Tip 1/3Often Monetary Transactions usually involve the exchange of money or something valuable. Paying rent monthly is a financial transaction with your landlord. Pro Tip 2/3Business Context In a business environment, 'transaction' implies a formal or legal exchange. Finalizing a transaction requires both parties to agree on the price. Pro Tip 3/3Requires Agreement Most transactions need consent from the people or entities involved. The art transaction was completed after both galleries consented on the terms.