Originally posted by northernladyuk
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What is a 'Bilateral Contract'
A bilateral contract is a is a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party's act. Each party to a bilateral contract is an obligor (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or bound) on the other party's promise. A bilateral contract specifies a duty to act in exchange for another party's duty to act.
A bilateral contract is a is a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party's act. Each party to a bilateral contract is an obligor (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or bound) on the other party's promise. A bilateral contract specifies a duty to act in exchange for another party's duty to act.
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