Difference between revisions of "Bilateral contract"

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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 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.
-[[Category:Legal Terms]]