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bilateral contract :: legal definition


Bilateral contract - n. an agreement in which the parties exchange promises for each to do something in the future. "Susette Seller promises to sell her house to Bobby Buyer and Buyer promises to pay Seller $100,000 for it." This is distinct from a "unilateral contract," in which there is a promise to pay if the other party chooses to do something. "I'll pay you $1,000 if you'll stop smoking." These are basically academic differences which are only important in the rare instance in which one person has acted in anticipation that the other will have obligations as well.

See also: contract unilateral contract and Related Law Terms ↓


Related Law Terms

abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien
acceptance :: n. 1) receiving something from another with the in ... ered into. See also: contract offer
addendum :: n. an addition to a completed written document. Mo ... proposals or included fraudulently.
amend :: v. to alter or change by adding, subtracting, or s ... mended pleading statute stipulation
anticipatory breach :: n. when a party to a contract repudiates (reneges ... perform. See also: breach contract
breach :: 1) n. literally, a break. A breach may be a failur ... breach of trust breach of warranty
commercial frustration :: n. an unforeseen uncontrollable event which occurs ... rustration of purpose impossibility
condition precedent :: n. 1) in a contract, an event which must take plac ... o the property. See also: condition
consideration :: n. 1) payment or money. 2) a vital element in the ... t of a promise). See also: contract
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
contribution :: n. 1) donation to a charity or political campaign. ... f $3,000 from each of his partners.
covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant
declaratory judgment :: n. a judgment of a court which determines the righ ... ys it. See also: declaratory relief
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
grace period :: n. a time stated in a contract in which a late pay ... the contract, i.e. your insurance.
guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts
latent defect :: n. a hidden flaw, weakness or imperfection in an a ... warranty product liability warranty
limited liability :: n. the maximum amount a person participating in a ... ted damages partnership shareholder
liquidated damages :: n. an amount of money agreed upon by both parties ... airness. See also: contract damages
mistake :: n. 1) an error in comprehending facts, meaning of ... time. See also: contract rescission
novation :: n. agreement of parties to a contract to substitut ... . See also: accord and satisfaction
option :: n. a right to purchase property or require another ... ng or upon expiration of the lease.
party :: n. 1) one of the participants in a lawsuit or othe ... y real party in interest respondent
party of the first part :: n. reference in a written contract to identify one ... ies another party to the agreement.
privity :: n. contact, connection or mutual interest between ... with the seller. See also: contract
promise :: 1) n. a firm agreement to perform an act, refrain ... so: consideration contract covenant
promissory estoppel :: n. a false statement treated as a promise by a cou ... lue of his work. See also: estoppel
reasonable reliance :: n. particularly in contracts, what a prudent perso ... the following:." See also: contract
requirements contract :: n. a contract between a supplier (or manufacturer) ... produces. See also: output contract
rescind :: v. to cancel a contract, putting the parties back ... celling party. See also: rescission
sale :: n. transfer of something (and title to it) in retu ... contract forced sale sheriff's sale
severable contract :: n. an agreement which is made up of several separa ... e also: breach of contract contract
specific performance :: n. the right of a party to a contract to demand th ... artwork. See also: contract prayer
third party :: n. a person who is not a party to a contract or a ... beneficiary third-party beneficiary
third-party beneficiary :: n. a person who is not a party to a contract but h ... tract as a third-party beneficiary.
unconscionable :: adj. referring to a contract or bargain which is s ... ee also: adhesion contract contract
unilateral contract :: n. an agreement to pay in exchange for performance ... consideration contract performance

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - B

Bachelor of Laws :: n. the degree in law from a law school, abbreviate ... troactively. See also: Juris Doctor
back-to-back life sentences :: n. slang for consecutive life terms imposed by a j ... ther 25 years for a parole hearing.
bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
bad faith :: 1) n. intentional dishonest act by not fulfilling ... ean hands doctrine fraud good faith
bail :: 1) n. the money or bond put up to secure the relea ... bond bail bondsman own recognizance
bail bond :: n. a bond provided by an insurance company through ... urned. See also: bail bail bondsman
bail bondsman :: n. a professional agent for an insurance company w ... t to jail. See also: bail bail bond
bailee :: n. a person, also called a custodian, with whom so ... he goods. See also: bailment bailor
bailiff :: n. 1) a court official, usually a deputy sheriff, ... isdictional territory of a bailiff.
bailment :: n. 1) the act of placing property in the custody a ... "bailment." See also: bailee bailor
bailor :: n. a person who leaves goods in the custody of ano ... is found. See also: bailee bailment
bait and switch :: n. a dishonest sales practice in which a business ... rants the costs of a separate suit.
balance due :: n. the amount of a debt still owed on an account o ... cipal due without further interest.
balance sheet :: n. the statement of the assets and the liabilities ... ctivity and health of the business.
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bankruptcy court :: n. the specialized federal court in which bankrupt ... : bankruptcy bankruptcy proceedings
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
bar :: 1) n. collectively all attorneys, as "the bar," wh ... a room, building, or real property.
bar association :: n. an organization of lawyers. There are two types ... oluntary organization of attorneys.