Common Contracts
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What is a bilateral contractJune 22nd, 2023
The most common type of contract businesses enter into are bilateral contracts. This is because businesses provide a product or service in exchange for money from their suppliers or customers.These agreements are incredibly vital for small businesses, especially those in the retail industry. That’s because you’re agreeing to provide a good or service to a customer in exchange for an agreed upon price.So, what exactly is a bilateral contract? A bilateral contract is an agreement between at least two people or groups. Within a bilateral agreement, the people or groups involved promise a certain action will take place in exchange for something else.How a Bilateral Contract WorksWithin a bilateral contract, each party agrees to offer something or get something in return, such as offering compensation in exchange for a service.Any sales agreement is a bilateral contract. An example would be a person buying a car. When you buy a car, you agree to pay the seller a specific amount of money. In
