Final answer:
A contract where both parties promise to perform future actions is termed as bilaterally executory, similar to business contracts with mutual promises.
Step-by-step explanation:
If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as bilaterally executory. This means that each party has not yet performed their obligations, which they have promised to do in the future. It’s akin to a standard business contract where, for example, one party agrees to provide a service in exchange for payment from the other party.
They have made mutual promises that are yet to be fulfilled. The social contract referenced from Thomas Hobbes's works, despite its differences as a political philosophy concept, shares a similarity in that it includes mutual agreements - though it is about the relinquishing of individual freedoms in exchange for societal order and governance.