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LSDefine

Simple English definitions for legal terms

bilateral contract

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A quick definition of bilateral contract:

A bilateral contract is when two people or groups make promises to each other. Each person is responsible for keeping their own promise and making sure the other person keeps theirs. This is different from a unilateral contract, where only one person makes a promise. Examples of bilateral contracts include buying and selling things, getting a job, renting a place to live, and getting a warranty for a product.

A more thorough explanation:

A bilateral contract is a type of contract where both parties make promises to perform certain actions. Each party is both an obligor (someone who is obligated to do something) and an obligee (someone who is owed something) in the contract. This is different from a unilateral contract, where only one party makes a promise.

  • A sales contract: The buyer promises to pay the price, and the seller promises to deliver the goods. Both parties are obligated to fulfill their promises.
  • An employment contract: The employer promises to pay the employee a certain salary, and the employee promises to perform certain duties. Both parties are obligated to fulfill their promises.
  • A lease agreement: The landlord promises to provide a rental property, and the tenant promises to pay rent. Both parties are obligated to fulfill their promises.
  • A warranty: The manufacturer promises to repair or replace a product if it fails within a certain period of time, and the buyer promises to use the product according to the manufacturer's instructions. Both parties are obligated to fulfill their promises.

These examples illustrate the concept of a bilateral contract because in each case, both parties are making promises that are contingent upon the other party fulfilling their own promise. If one party fails to fulfill their promise, the other party may have legal recourse to enforce the contract.

bilateral | bilateral divorce

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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