Louisiana Civil Code 1908 – Bilateral or synallagmatic contracts
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Civil Code 1908
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A contract is bilateral, or synallagmatic, when the parties obligate themselves reciprocally, so that the obligation of each party is correlative to the obligation of the other.
Acts 1984, No. 331, §1, eff. Jan. 1, 1985.