bilateral contract

bilateral contract definition - business

bilateral contract

An agreement in which each of two parties promises to do something. For example, a company promises to sell a building for $250,000, and another company promises to purchase the building for $250,000. Compare unilateral contract.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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A bilateral contract is the one in which both the parties has to perform their obligation.

Posted by anonymous 42 days ago.

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