A bilateral contract is a type of agreement in which both parties make promises to each other. Each party is both a promisor (making a promise) and a promisee (to whom a promise is made), creating mutual obligations enforceable by law.
Bilateral contracts are among the most common types of contracts and are fundamental to various transactions and agreements in daily life and business.
Examples include employment contracts, where one party promises to work and the other party promises to pay for that work, and sales contracts, where one party promises to sell and deliver goods, and the other party promises to pay for them.
The key characteristic of a bilateral contract is the exchange of promises, which distinguishes it from a unilateral contract, where only one party makes a promise contingent upon the other party performing an action.
Contract Law: Provides a framework for understanding the obligations and rights that arise from agreements involving mutual promises.
Business Transactions: Applies to agreements in commerce, services, and employment, outlining the duties and expectations of each party.
A common misconception is that a bilateral contract requires written documentation to be valid.
While certain types of contracts do require written agreements to be enforceable (e.g., real estate transactions, contracts lasting more than one year), many bilateral contracts can be oral and still legally binding.
The critical aspect is the presence of mutual promises, not the format in which they are expressed.
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