bilateral contract

/baylaetaral kontraekt/
A term, used originally in the civil law, but now generally adopted, denoting a contract in which both the contracting parties are bound to fulfill obligations reciprocally towards each other; as a contract of sale, where one becomes bound to deliver the thing sold, and the other to pay the price of it. A contract executory on both sides, and one which includes both rights and duties on each side. Contract formed by the exchange of promises in which the promise of one party is consideration supporting the promise of the other as contrasted with a unilateral contract which is formed by the exchange of a promise for an act. Antonucci v. Stevens Dodge, Inc., 73 Misc.2d 173, 340 N.Y.S.2d 979, 982.

Black's law dictionary. . 1990.

Look at other dictionaries:

  • bilateral contract — see contract Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. bilateral contract …   Law dictionary

  • bilateral contract — ➔ contract1 * * * bilateral contract noun [C] LAW ► a formal agreement between two people or groups that both promise to do something for each other → Compare UNILATERAL CONTRACT(Cf. ↑unilateral contract) …   Financial and business terms

  • Bilateral Contract — 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… …   Investment dictionary

  • bilateral contract — A contract that creates mutual obligations, i. e. both parties undertake to do, or refrain from doing, something in exchange for the other party s undertaking. The majority of contracts are bilateral in nature. Compare unilateral contract …   Big dictionary of business and management

  • bilateral contract — noun a contract involving mutual promises (each party is both promisor and promisee) • Hypernyms: ↑contract …   Useful english dictionary

  • Bilateral Contract —   A direct contract between the power producer and user or broker outside of a centralized power pool.   ***   A two party agreement for the purchase and the sale of energy products and services.   California Energy Comission. Dictionary of… …   Energy terms

  • bilateral contract — A contract under which each party promises or undertakes performance, the promise or the undertaking by the one furnishing the consideration for the promise or undertaking of the other, Christensen v Pugh, 84 Utah 440, 36 P2d 100, 95 ALR 608; a… …   Ballentine's law dictionary

  • bilateral contract — agreement between two parties …   English contemporary dictionary

  • contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… …   Law dictionary

  • bilateral — bi·lat·er·al /ˌbī la tə rəl/ adj: affecting, obligating, or shared by both parties a bilateral agreement bi·lat·er·al·ly / rə lē/ adv Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

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