counterpromise, n. A promise made in exchange for another party’s promise (a promise supported by a coun-terpromise is binding in its inception). See bilateral contract under CONTRACT. [Cases: Contracts 55. C.J.S. Contracts § 109.] — counterpromise, vb.
A contract in which each party promises a performance, so that each party is an obligor on that party’s own promise and an obligee on the other’s promise; a contract in which the parties obligate themselves reciprocally, so that the obligation of one party is correlative to the obligation of the other. — Also termed
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