Reciprocal Contract
/rɪˈsɪprəkəl ˈkɒntrækt/
Definitions
- (n.) A mutual agreement wherein each party undertakes obligations to the other, creating reciprocal duties enforceable by law.
The parties entered into a reciprocal contract requiring both to perform their respective duties.
Forms
- reciprocal contract
- reciprocal contracts
Related terms
See also
Commentary
Reciprocal contracts often involve mutual consideration; clarity in defining each party's duties prevents disputes over performance obligations.
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.