Word:

bilateral contract

Noun1.bilateral contract - a contract involving mutual promises (each part is both promisor and promisee)

BILATERAL CONTRACT, civil law. A contract in which both the contracting parties are bound to fulfill obligations reciprocally towards each other; Lec. Elem. Sec. 781; as a contract of sale, where one becomes bound to deliver the, thing sold, and the other to pay the price of it. Vide Contract; Synallagmatic contract.

contract
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-- bilateral contract --
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