{"id":8253,"date":"2017-11-18T06:34:49","date_gmt":"2017-11-18T06:34:49","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=8253"},"modified":"2017-11-18T06:34:49","modified_gmt":"2017-11-18T06:34:49","slug":"bilateral-contract-wherein-each-party-promises-a-performance-so-that-each-party-is-an-obligor-on-that-partys-own-promise","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=8253","title":{"rendered":"Bilateral Contract – wherein each party promises a performance, so that each party is an obligor on that party\u2019s own promise"},"content":{"rendered":"

bilateral contract<\/span>:<\/span><\/strong>
\n(1866)<\/span><\/p>\n

1. A contract in which each party promises a performance, so that each party is an obligor on that party\u2019s own promise and an obligee on the other\u2019s promise; a contract in which the parties obligate themselves reciprocally, so that the obligation of one party is correlative to the obligation of the other. <\/strong>\u2014 aka mutual contract<\/strong><\/em><\/span>; reciprocal contract<\/strong><\/em><\/span>; (in civil law) synallagmatic contract<\/strong><\/em><\/span>. See COUNTERPROMISE.<\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201cIn a bilateral contract a promise, or set of promises on one side, is exchanged for a promise or a set of promises on the other side. In a unilateral contract, on the other hand, a promise on one side is exchanged for an act (or a forbearance) on the other side. Typical examples of bilateral contracts are contracts of sale, the buyer promising to pay the price and the seller promising to deliver the goods. A typical example of a unilateral contract is a promise of a reward for the finding of lost property followed by the actual finding of the property.<\/span>\u201d<\/strong> [2]<\/span><\/p>\n

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[1]: Black’s Law Dictionary <\/a><\/span><\/strong>Deluxe Tenth Edition<\/b><\/span><\/a><\/em> by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4<\/span><\/strong><\/p>\n

[2]:\u00a0\u00a0P.S. Atiyah, An Introduction to the Law of Contract<\/em><\/a> 32 (3d ed. 1981).<\/span><\/span><\/strong><\/p>\n

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