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LSDefine
Simple English definitions for legal terms
bilateral act
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A quick definition of bilateral act:
A bilateral act is when two or more people agree to do something together, like signing a contract or leasing a property. It's different from a unilateral act, where only one person's will is involved. An act is something that someone does, like speaking or writing. There are different types of acts, like intentional acts that are done on purpose, and negligent acts that create a risk of harm to others. A verbal act is when someone uses words to do something, like making a promise.A more thorough explanation:
Definition: A bilateral act involves the consenting wills of two or more distinct parties. It can be a contract, a conveyance, a mortgage, or a lease.
Example: Two people agree to sell and buy a car. They sign a contract that outlines the terms of the sale, including the price, the condition of the car, and the date of the transfer of ownership. This is a bilateral act because it involves the consenting wills of both parties.
Explanation: A bilateral act is a legal term that refers to an agreement between two or more parties. It is a voluntary act that involves the wills of all parties. In the example given, the two parties agreed to sell and buy a car, and they signed a contract to make the agreement legally binding. Both parties had to agree to the terms of the contract, and their wills were involved in the act of signing the contract. This is why it is considered a bilateral act.