What Does Bilateral Contract Mean?
A bilateral contract is one in which each party promises to fulfill certain obligations. It is the most common type of contract.
Bilateral Contract
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Insuranceopedia Explains Bilateral Contract
A bilateral contract is essentially an agreement between two or more parties, binding all of them to reciprocal obligations. Each of the parties in a bilateral contract are simultaneously obligors (owing another party the performance of some act) and obligees (those owed the performance of some act from another).
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