Legal Definition and Related Resources of Synallagmatic contract
Meaning of Synallagmatic contract
In the civil law. A bilateral or reciprocal contract, in which the parties expressly enter into muSYNCOPARE tual engagements, each binding himself to the other. Such are the contracts of sale, hiring, etc. Pothier Obi. part 1, c. 1, sect. 1, art 2. Civil Code of Lotiis. Art. 1758.
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English Legal System: Synallagmatic Contract
In the context of the English law, A Dictionary of Law provides the following legal concept of Synallagmatic Contract : (bilateral contract, synallagmatic contract)
A contract that creates mutual obligations, i.e. both parties undertake to do, or refrain from doing, something in exchange for the other party’s undertaking. The majority of contracts are bilateral in nature.
Compare unilateral contract.