0
A bilateral contract is a contract which requires agreement and performance from both parties to the contract. Most of what we think of as contracts are bilateral in nature. One party promises to do X and the other party promises to do Y. Bilateral contracts may not require negotiation but often this is a component.
In contrast a unilateral contract occurs where one party makes an offer and the other party may accept by performance rather than by offering something in return. If you offer $5 to the first person who will bring you a hotdog, a unilateral contract is formed when someone performs the condition and provides you with a hotdog. If on the other hand Person A responds to you unilateral offer that he will agree to bring you a hotdog for $5 a bilateral contract is formed if you agree to accept his offer/counteroffer.
Wiki User
∙ 13y ago
Wiki User
∙ 15y agoNeed definition of a bilaterial agreement
Add your answer:
Earn +20 pts
Is a listing contract unilateral or bilateral?
unilateral contract
What is a contract that contains a promise by both parties is?
A bilateral contract.
How can misrepresentation affect a valid contract?
When someone is induced into entering into a contract as a result of a false statement.
What is the meaning of bilateral when it concerns with buying a house?
Bilateral Sale is a direct or straightforward contract of sale. It is unalterable so it binds the seller and the buyer.
What is a bilateral contact?
The definition of a bilateral contract is a contract that involves mutual promises where each party is both a promise and promisor. It is a formal agreement where two parties promise something in exchange for the other person's promise.
In a bilateral contract each party will be a promisor and therefore each party will be?
an obligor
What is a Imperfectly bilateral contract?
If only one of the parties undertakes a promise, it is referred to as "imperfect bilateral contract". For example, an agency contract without remuneration or loan contract without interest on a loan for use. In the latter, the borrower of the loan has only the obligation to return what he has borrowed whereas the other party has no counter obligation to fulfill.
A contract that is formed when a student enrolls in a college or university a bilateral or a unilateral contract?
i would say that it is bilateral other than unilateral because my name is dr. yargen schmargen! served! bled When a student enrolls, the act of sending the application is an invitation to treat. If the university then offers the student a place, the student then accepts the university offer. Hence a contract would only be formed after the student conveys the acceptance. This would be a bilateral contract. Very true
What is unilateral promise?
A unilateral promise in when just one of the parties to a contract agrees to do something. A bilateral promise is when both parties agree to perform under the contract.
What distinguishes a bilateral contract from a unilateral contract?
Simply put- A unilateral contract can be modified or changed by one party and a bi-lateral must be agred upon and accepted by both contractual parties involved.
What is bilateral mistake?
An error made by 2 parties, who believe differently and/or incorrectly about the facts in the contract. bilateral or mutual mistake; a material fact that is mistaken by both parties. In such a case, the party who is adversely affected by the mistake has the right to cancel or rescind the contract. Sometimes a word or term is materially interpreted differently by each party, their mutual misunderstanding may allow the contract to be rescinded.
Is a bilateral contract modification a contract?
It depends on whether both sides gave new consideration (something in exchange for something). If only one party did something different under the contract, then it is gratuitous and only the original contract is legitimate. If both parties offered something new to the contract then there is a new contract formed and the old contract is thrown out.
