The terms "bilateral" and "unilateral" as applied to contracts are based on:

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The terms "bilateral" and "unilateral" refer to the number of parties who make a promise in the formation of a contract. In a bilateral contract, both parties make promises to each other (e.g. I promise to sell you my car, and you promise to pay me $10,000 for it). In an unilateral contract, only one party makes a promise (e.g. I promise to pay $500 to anyone who finds my lost dog).

The Terms "Bilateral" and "Unilateral" as Applied to Contracts Are