A contract which calls for a promise in exchange for a promise is a bilateral contract.

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A bilateral contract is a type of contract in which both parties exchange promises to do something. This is in contrast to a unilateral contract, where one party makes a promise in exchange for the other party's performance. A bilateral contract is a contract where both parties make a promise to each other. This is in contrast to a unilateral contract, where only one party makes a promise, and the other party must perform an act to accept the offer.

A Contract Which Calls for a Promise in Exchange for a Promise