Examlex
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Unilateral Contract
An agreement wherein one party makes a promise to perform in exchange for the act of the other party, who is not legally obligated to act but if they do, the first party is obligated to fulfill the promise.
Bilateral Contract
An agreement involving two parties where each side promises to fulfill certain obligations in exchange for benefits provided by the other.
Consideration
In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement.
Bilateral Contract
A Bilateral Contract is an agreement involving two parties where each promises to perform an act in exchange for the other's act, creating mutual obligations.
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