One containing mutual promises with each party being both a promissor and a promisee. E.g. Y promises to wash X’s car on Tuesday. X promises to pay Y $15 if the car is washed on Tuesday. The two promisse’s are a bilateral contract.
One in which both parties have enforceable commitments. For instance, in a contract of sale, one party promises to deliver the item sold and the other party promises to pay the stated price. Insurance contracts are not bilateral. They are unilateral because only one party, the insurer, makes an enforceable promise to pay; the insured cannot be required to pay the premium. (See also: unilateral contract.)
a contract involving mutual promises (each part is both promisor and promisee)
a two-way agreement where both the buyer and seller agree to a real estate transaction
A direct contract between a power producer or end-user outside of a centralized power pool or POOLCO.
A contract that requires both parties to peform, such as a sales contract.
A promise or set of promises that are mutually obligating, must be performed, and for which, if there is a breach, the law provides a remedy. Both parties are subject to the terms of the contract, and are simultaneously obligated.
A contract in which both parties mutually agree to all the terms set within. See Unilateral contract for more.
A legal agreement or contract where both parties involved agree to give each other something. For example, in a property purchase agreement the buyer pays money to the seller and the seller then transfers the property to the buyer. This is a bilateral contract.
It is also referred as "reciprocal" contract. Here, the parties involved give mutual promises to each other like abiding by certain sets of terms and conditions.
a contract directly between a consumer and a broker or supplier.
A contract in which each party promises to perform an act in exchange for the other party's promise to perform.
An agreement wherein each party makes a promise to the other party.
A contract in which there has been an exchange of promises by all parties, and all parties are legally obligated to perform.
A contract which has a balance of consideration promised by the parties, where each promises performance of the contract.
A contract that contains an exchange of promises.
A contract between two parties who both make legally enforceable promises when they enter into the contract. Contrast with unilateral contract.
An agreement of sale under which the two promises are made: the buyer will provide currency and 2) the seller will transfer the deed to a said property.
A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
A contract in which the consideration given by each party is a promise: that is , a promise for a promise. Back to the Top
A contract in which both parties have reciprocal obligations toward each other.
A contract under which each party promises performance.
A direct contract between the power producer and user or broker outside of a centralized power pool.
contract in which the involved parties offer mutual promises; also called a reciprocal contract.
A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy. A contract may be either unilateral, by which only one party is bound to act, or bilateral, by which all parties to the instrument are legally bound to act as prescribed.
A contract in which a promise is given for a promise; i.e., the promise of one party is given in exchange for the promise of the other party. Both parties agree to perform certain acts and are bound to this performance. This is the basis of the typical contract.
A private commercial arrangement between a customer and a supplier, which may or may not be a generator. The terms, pricing, amount, source, delivery point and consumption time of the energy, etc., are all subject to negotiation. In practice, most bilateral contracts tend to be variations on a few standard patterns.
A legal agreement in which both parties promise to give each other something. A purchase agreement in which the buyer promises to give money and the seller promises to transfer property is a bilateral contract.
