bilateral contract

Noun

1.

bilateral contract - a contract involving mutual promises (each part is both promisor and promisee)

BILATERAL CONTRACT, civil law. A contract in which both the contracting parties are bound to fulfill obligations reciprocally towards each other; Lec. Elem. Sec. 781; as a contract of sale, where one becomes bound to deliver the, thing sold, and the other to pay the price of it. Vide Contract; Synallagmatic contract.

contract