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Legal term, definition, Bilateral contract

Legal term, #definition , #Bilateral_contract A bilateral contract is a contract in which both parties exchange promises to perform. One party’s promise serves as consideration for the promise of the other. As a result, each party is an obligor on that party’s own promise and an obligee on the other’s promise. The most common types of bilateral contracts are business contracts such as sales contracts for which the buyer promises to pay the price and the seller promises to deliver the goods. In this example, the buyer and the seller obligate themselves reciprocally, so that the obligation to pay the price is correlative to the obligation to deliver the goods. Other examples of bilateral contracts include employment contracts, leases and warranties. Source: https://www.law.cornell.edu/wex/bilat... 1 Vienna Convention on the law of treaties 1969 (Part I)    • Vienna Convention on the law of treat...   2 Vienna Convention on the law of treaties 1969 (Part II)    • Vienna Convention on the law of treat...   3 Vienna Convention on the law of treaties 1969 (Part III)    • Vienna Convention on the law of treat...   4 Vienna Convention on the law of treaties 1969 (Part IV)    • Vienna Convention on the law of treat...   5 Vienna Convention on the law of treaties 1969 (Part V)    • VCLT 1969 Part V: INVALIDITY, TERMINA...   6 Vienna Convention on the law of treaties 1969 ( The END)    • VCLT: MISCELLANEOUS PROVISIONS , DEPO...   7 Vienna Convention on Diplomatic Relation 1961 (Full)    • Vienna Convention on Diplomatic Relat...   8. UN Charter (1)    • The Charter of the United Nations epi...   9. UN Charter (2)    • UN Charter 2: Security Council, Pacif...   10. UN Charter (3)    • UN Charter 3: International Economic ...   11. UNCLOS 1982 (1)    • UNCLOS Part I and II: Preamble, Use o...   12. UNCLOS 1982 (2)    • UNCLOS Part III: STRAITS USED FOR INT...   13. UNCLOS 1982 (3)    • UNCLOS Part IV: Archipelagic States   14. UNCLOS 1982 Part V: Exclusive Economic Zone    • UNCLOS Part V: Exclusive Economic Zone   15. UNCLOS 1982 Part VI: Continental Shelf    • UNCLOS Part VI: Continental Shelf   Follow us on social medias: ** LAW AUDIO Facebook Page:   / law-audio-106513174110896   ** LAW AUDIO Telegram Channel: https://t.me/lawaudio_kh ** LAW AUDIO Website: https://lawaudio-kh.blogspot.com/