Bilateral contract
This is an old revision of this page, as edited by EdBot (talk | contribs) at 18:24, April 23, 2008. It may differ significantly from current revision.
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.