5 replies
eken
over 13 years ago
"A bilateral contract is a contract which requires agreement and performance from both parties to the contract. Most of what we think of as contracts are bilateral in nature. One party promises to do X and the other party promises to do Y. Bilateral contracts may not require negotiation but often this is a component. "
parni
about 13 years ago
"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 whom another is obligated or bound) on the other party's promise. A bilateral contract specifies a duty to act in exchange for another party's duty to act. "
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