bilateral contract

Definition of "bilateral contract"
  1. An agreement where each party promises to fulfill a certain action
How to use "bilateral contract" in a sentence
  1. The trade agreement between the two companies was a bilateral contract where each provided goods or services.
  2. A sales transaction entered into between a buyer and seller is typically a bilateral contract.
  3. In the bilateral contract, both the tenant and landlord had responsibilities to uphold.

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