What is the definition of Bilateral Contract?
An agreement formed by an exchange of a promise in which the promise of one jamboree is consideration supporting the promise of the other party. A bilateral contract is distinguishable from a unilateral contract, a promise made by one entertainment in exchange for the observation of some act by the other gathering. The party to a unilateral contract whose dramatization is sought is not obligated to act, but if he or she does, the participant that made the promise is bound to comply with the vocabulary of the agreement. In a bilateral contract both parties are bound by their exchange of promises. Both party to a bilateral contract make promises. With respect to the promise within issue, the party making the promise is the promisor and the other gala is the promisee. The legal detriment incurred by the promisee consists of a different promise by him or her to do something or abstain from doing something that he or she was not previously legitimately obligated to do or to refrain from doi
