— Also termed mutual contract; reciprocal contract; (in civil law) synallagmatic contract. See COUNTERPROMISE. [Cases: Contracts 1, 10(1). C.J.S. Contracts §§ 2–3, 9, 12, 105–106, 108–113.]
bilateral contract
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.
