Siteadmin, Bureaucrats, Check users, nsAm_Govt_101RO, nsAm_Govt_101RW, nsAm_Govt_101_ta, nsJudgesRO, nsJudgesRW, nsJudges_talkRO, nsJudges_talkRW, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, oversight, Administrators
125,794
edits
Changes
Jump to navigation
Jump to search
Line 1:
Line 1: − + + +
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 pay $1000 to a painter, who promises to paint the house for that amount.
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]]
[[category:legal terms]]