I was always told that in order to have a neutral you must have two hot wires and the neutral carrys the unbalance current between them.

So, a 120 v.receptacle does not technically have a neutral, but rather a grounded conductor because there is not unbalanced current.

Would a balanced 240 load even have use for a neutral conductor? Any examples on 240 loads with a neutral and those without a neutal. ? If you have two hots (on 240) do you have to have a neutral. Is it just like in 3phase motor loads where if its a balanced load then you dont need the neutral unless there is some sort of timer etc.