Bilateral Contract-Agreement: A contract in which each party promises to perform an act in exchange for the other partys promise to perform. The usual real estate contract is an example of a bilateral contract in which the buyer and seller exchange reciprocal promises respectively to buy and sell the property. If one party refuses to honor his or her promise and the other party is ready to perform, the nonperforming party is said to be in default.

 

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Bilateral Contract-Agreement: A contract in which each party promises to perform an act in exchange for the other partys promise to perform. The usual real estate contract is an example of a bilateral contract in which t . . . View Full Definition

Bilateral Trade Agreement: A trade agreement between any two countries. The agreement may be either preferential (the obligations and benefits apply only to the two countries involved) or most-favored-nation (the bene . . . View Full Definition

Bilateral Symmetry: In animals, refers to those that have a single axis of symmetry.