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LSDefine
Simple English definitions for legal terms
bilateral
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A quick definition of bilateral:
Term: Bilateral
Definition: Bilateral means two-sided. It is often used to describe agreements between two countries, like when the United States and Australia agree to limit tariffs on each other's goods. In order for a contract to be enforceable, it usually needs to be bilateral, meaning both parties have to agree to something. Other words that mean the opposite of bilateral include unilateral (when only one side is involved) and multilateral (when many sides are involved).
A more thorough explanation:
Bilateral
Bilateral means two-sided. It is often used to describe agreements between two countries. For example, the United States and Australia have a Bilateral trade agreement that limits tariffs or other protectionist policies between the two nations. In addition, a contract must generally be bilateral to be enforceable under the doctrine of consideration. Alternatives to bilateral include unilateral and multilateral.
- The United States and Canada have a Bilateral agreement to share intelligence information.
- Japan and South Korea have a Bilateral trade agreement that reduces tariffs on certain goods.
These examples illustrate how bilateral agreements involve two parties coming to an agreement on a specific issue. In the case of the United States and Canada, they have agreed to share intelligence information, while Japan and South Korea have agreed to reduce tariffs on certain goods. Both agreements involve two countries working together to achieve a common goal.