write a response to this post Example of a bilateral contract is a real estate purchase agreement. One party, the seller, agrees to transfer ownership of a property to the buyer in exchange for a specified purchase price. This agreement is categorized as a bilateral contract due to the mutual promises made by both parties. The seller commits to transferring the property, while the buyer agrees to pay the specified price. The obligations of each party hinge on the other's promise, establishing reciprocal duties. The seller's obligation to transfer the property is contingent upon the buyer's promise to make the payment, and similarly, the buyer's obligation is reliant on the seller's promise to convey the property. This reciprocal exchange of promises is characteristic of a bilateral contract, setting it apart from a unilateral contract, where only one party makes a promise that the other can accept through their actions