bilateral contract (Meaning)

Wordnet

bilateral contract (n)

a contract involving mutual promises (each party is both promisor and promisee)

No Synonyms and anytonyms found

A bilateral contract is a legally binding agreement between two parties wherein each agrees to fulfill certain obligations.
In a bilateral contract, both parties exchange promises, forming the basis of the agreement.
The sale of goods often involves a bilateral contract, with the seller agreeing to deliver the goods and the buyer agreeing to pay for them.
Employment contracts are typically bilateral, outlining the duties and compensation for both the employer and the employee.
Real estate transactions often rely on bilateral contracts, with buyers agreeing to purchase a property and sellers agreeing to transfer ownership.
Bilateral contracts require mutual assent, meaning both parties must agree to the terms voluntarily.
Breach of a bilateral contract occurs when one party fails to fulfill their obligations as outlined in the agreement.
Bilateral contracts are common in business dealings, providing clarity and legal protection for all parties involved.
Negotiating the terms of a bilateral contract requires careful consideration to ensure that the interests of both parties are addressed.
Once both parties have fulfilled their obligations under a bilateral contract, the agreement is considered complete.

a contract involving mutual promises (each party is both promisor and promisee)

No synonyms found.

No antonyms found.

A bilateral contract is a legally binding agreement between two parties wherein each agrees to fulfill certain obligations.

In a bilateral contract, both parties exchange promises, forming the basis of the agreement.

The sale of goods often involves a bilateral contract, with the seller agreeing to deliver the goods and the buyer agreeing to pay for them.

Employment contracts are typically bilateral, outlining the duties and compensation for both the employer and the employee.