Definition of bilateral contract
Further reading
A bilateral contract, is an agreement in which each of the parties to the contract makes a promise or promises to the other party. For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property.
References:
- Wiktionary. Published under the Creative Commons Attribution/Share-Alike License.
|
