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In bilateral contracts, both parties negotiate and agree on a promise to perform contractual obligations. For a bilateral contract to be valid, the offeror or promisor has to make an offer that needs to be accepted by the offeree or the promisee.
A Payment Agreement is a document you can use to outline the terms and conditions of a loan. You may use it instead of a Loan Agreement or alongside that document to ensure both parties are clear on their obligations regarding the repayment of a loan. Payment Agreements are legally binding documents.
A legally binding agreement is a contract between two parties that outlines specific rules or restrictions. Legally binding agreements can be used in official legal proceedings. Both parties must accept the terms in the contract for the agreement to be legally binding.
An express contract may be oral or written and still be enforceable. A contract is an express contract if the parties have expressed all the terms clearly. Express contracts are common in real estate because a legal requirement known as the statute of frauds requires most real estate contracts to be in writing.
??????? Contract: An agreement between two or more parties to perform or to refrain from some act now or in the future. A legally enforceable agreement.