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Bilateral contract (view source)
Revision as of 17:14, September 28, 2007
, 17:14, September 28, 2007clarified
A '''bilateral contract''' is an agreement consisting of mutual promises by both sides of the agreement. A classic example of a bilateral contract is a promise by the owner of a house to sell it to another, who promises to buy it. At the time of the agreement, each side makes promises to each other.
A '''bilateral contract''' is an agreement consisting of mutual promises by both sides of the agreement. A classic example of a bilateral contract is a promise by the owner of a house to sell it to another, who promises to buy it. At the time of the agreement, each side makes promises to each other.
This is in contrast with a '''unilateral contract''', which is a promise by one side in exchange for performance (work) by the other side.
This is in contrast with a [[unilateral contract]], which is a promise by one side in exchange for performance (work) by the other side.
[[category:legal terms]]
[[category:legal terms]]