bilateral contract

bilateral contract
bilateral contract see contract

Merriam-Webster’s Dictionary of Law. . 1996.

bilateral contract
index mutual understanding

Burton's Legal Thesaurus. . 2006


bilateral contract
A contract in which both parties exchange promises to perform. Compare: unilateral contract
Category: Business, LLCs & Corporations

Nolo’s Plain-English Law Dictionary. . 2009.


bilateral contract
An agreement formed by an exchange of a promise in which the promise of one party is consideration supporting the promise of the other party.

Dictionary from West's Encyclopedia of American Law. 2005.


bilateral contract
An agreement formed by an exchange of a promise in which the promise of one party is consideration supporting the promise of the other party.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

bilateral contract
n.
   an agreement in which the parties exchange promises for each to do something in the future. "Susette Seller promises to sell her house to Bobby Buyer and Buyer promises to pay Seller $100,000 for it." This is distinct from a "unilateral contract," in which there is a promise to pay if the other party chooses to do something. "I'll pay you $1,000 if you'll stop smoking." These are basically academic differences which are only important in the rare instance in which one person has acted in anticipation that the other will have obligations as well.
   See also: contract, unilateral contract

Law dictionary. . 2013.

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Look at other dictionaries:

  • bilateral contract — ➔ contract1 * * * bilateral contract noun [C] LAW ► a formal agreement between two people or groups that both promise to do something for each other → Compare UNILATERAL CONTRACT(Cf. ↑unilateral contract) …   Financial and business terms

  • Bilateral Contract — A bilateral contract is a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party s act. Each party is an (a person who is bound to another) to its own promise, and an obligee (a person to… …   Investment dictionary

  • bilateral contract — A contract that creates mutual obligations, i. e. both parties undertake to do, or refrain from doing, something in exchange for the other party s undertaking. The majority of contracts are bilateral in nature. Compare unilateral contract …   Big dictionary of business and management

  • bilateral contract — /baylaetaral kontraekt/ A term, used originally in the civil law, but now generally adopted, denoting a contract in which both the contracting parties are bound to fulfill obligations reciprocally towards each other; as a contract of sale, where… …   Black's law dictionary

  • bilateral contract — /baylaetaral kontraekt/ A term, used originally in the civil law, but now generally adopted, denoting a contract in which both the contracting parties are bound to fulfill obligations reciprocally towards each other; as a contract of sale, where… …   Black's law dictionary

  • bilateral contract — noun a contract involving mutual promises (each party is both promisor and promisee) • Hypernyms: ↑contract …   Useful english dictionary

  • Bilateral Contract —   A direct contract between the power producer and user or broker outside of a centralized power pool.   ***   A two party agreement for the purchase and the sale of energy products and services.   California Energy Comission. Dictionary of… …   Energy terms

  • bilateral contract — A contract under which each party promises or undertakes performance, the promise or the undertaking by the one furnishing the consideration for the promise or undertaking of the other, Christensen v Pugh, 84 Utah 440, 36 P2d 100, 95 ALR 608; a… …   Ballentine's law dictionary

  • bilateral contract — agreement between two parties …   English contemporary dictionary

  • contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… …   Law dictionary

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