Bilateral Contracts in Florida
A bilateral contract is formed when both parties exchange mutual promises to perform, creating reciprocal obligations. In Florida, bilateral contracts are the standard form for commercial, real estate, and employment agreements.
Formation
Florida bilateral contracts form upon mutual assent (offer and acceptance) supported by consideration (the mutual promises themselves). Both parties become bound at the moment of acceptance. For contracts subject to the Statute of Frauds, the agreement must be in writing and signed by the party to be charged.
Breach and Remedies
When one party to a Florida bilateral contract fails to perform, the non-breaching party can pursue damages, specific performance (for unique property), or rescission and restitution. The mutuality of obligation means either party can be held liable for non-performance.
Related Terms
Barnes Walker Business Law
Barnes Walker drafts and enforces commercial contracts throughout Southwest Florida. Contact us for contract guidance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC