"exchange contracts" means: To formally contract to purchase, sell or otherwise be party to a disposition of an estate in land; usually requiring the payment of a depos.... This is a fairly neutral word with no inherent risk attached. There is no real cause for parental concern; it is descriptive vocabulary rather than something dangerous. If your child uses it, context will usually make the meaning clear. A brief, curious question about where they heard it is generally enough to know whether to follow up.