bilateral contract
bilateral contract, defined:
a promise to perform given in exchange for a promise to perform. Compare bilateral contract to unilateral contract which is an action given in exchange for a promise to perform. A bilateral contract is formed by mutual assent when the promises are given, either in writing or speech.
bilateral contract, as it might be used:
Some scholars claim that it is not always easy to assess whether an offer creates a unilateral or bilateral contract.
An example of bilateral contract:
Fergus and Fiona, wanting to give a lavish party for Arbor Day, contracted with a local hotel to rent a banquet room. The contract obligated the hotel to provide access to the banquet room during certain hours on a given date in exchange for payment of a fee to be paid by a set date. Their agreement is bilateral.
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Clear-Point Law Dictionary
