Dec 31 , 2015

Tampa School of Real Estate

Bilateral Contract

Definition: An agreement in which both parties are legally obligated to each other to perform.

Pronunciation: \(ˌ)bī-ˈla-t(ə-)rəl\

Used in a Sentence:   Once an offer was accepted, the seller was obligated to complete the sale of the house under the terms of the bilateral sales contract.