Legal Definitions - bilateral act

Definition: A bilateral act involves the consenting wills of two or more distinct parties. It can be a contract, a conveyance, a mortgage, or a lease.

Example: Two people agree to sell and buy a car. They sign a contract that outlines the terms of the sale, including the price, the condition of the car, and the date of the transfer of ownership. This is a bilateral act because it involves the consenting wills of both parties.

Explanation: A bilateral act is a legal term that refers to an agreement between two or more parties. It is a voluntary act that involves the wills of all parties. In the example given, the two parties agreed to sell and buy a car, and they signed a contract to make the agreement legally binding. Both parties had to agree to the terms of the contract, and their wills were involved in the act of signing the contract. This is why it is considered a bilateral act.