[1] Its name is derived from the Ancient Greek συνάλλαγμα (synallagma), meaning mutual agreement.
[2] Examples of synallagmatic contracts include contracts of sale, of service, or of hiring.
In common law jurisdictions, it is roughly the equivalent of a bilateral contract and may be contrasted with a gift (as such a relationship is not one of contract) or a unilateral contract in which only one party makes an enforceable promise.
In his comments on the case of Hong Kong Fir Shipping Co Ltd. v Kawasaki Kisen Kaisha Ltd. (1957), Lord Diplock said:
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