Library transaction is a job that involves the lending and borrowing of books and other materials from a library. It involves the tracking of items that are loaned out, as well as the return of those items. The term 'LOAN' is used to refer to the process of borrowing an item from the library. This process requires the borrower to sign a contract agreeing to return the item in a certain amount of time. Library transactions also involve the tracking of overdue items and the collection of fines for late returns.