1. A passing from one state to another; change; alteration; mutation.
  2. The act of giving one thing for another; barter; exchange.
  3. Substitution of one thing for another; interchange.
  4. Specifically, the substitution of one kind of payment for another, especially a switch to monetary payment from obligations of labour.
  5. The change to a lesser penalty or punishment by the State
  6. Substitution, as a means of discriminating between phonemes.
  7. The reversal of an electric current.

The above text is a snippet from Wiktionary: commutation
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