Bilateral Contract
/ˌbaɪˈlætərəl ˈkɑntrækt/
Definitions
- (n.) A contract involving mutual promises or obligations between two parties, each legally bound to fulfill their respective duties.
The parties entered into a bilateral contract obligating both to deliver goods and payment.
Forms
- bilateral contracts
Related terms
See also
Commentary
In drafting, clearly specify the reciprocal promises to avoid ambiguity over enforceability.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.