Difference between revisions of "Bilateral contract"
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(New page: 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 ...) |
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| − | 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 | + | 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. |
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| + | 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]] | ||
Revision as of 17:14, September 28, 2007
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.