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Legal Dictionary

bilateral contract

Legal Definition of bilateral contract

Related terms


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:

  1. Wiktionary. Published under the Creative Commons Attribution/Share-Alike License.



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