Bilateral Contract Doubt
Aman Garg
(Querist) 06 July 2011
This query is : Resolved
I am not able to get the meaning of Bilateral Contract Kindly help me in doing so, please also refer some cases by which the concept becomes celarer.
R.Ramachandran
(Expert) 06 July 2011
Do you appreciate that for a contract there should be minimum two parties? If so in a contract where there are only two parties, it is called bilateral agreement.
There are also agreements involving more than two parties. For instance, there may be a contract where there is a land owner, there is a builder constructing building on the land, and there may be a purchaser who is interested in buying the constructed building/flat. For this transaction there should be three persons necessary in the contract. This is called the tripartite agreement.
