When mixtures of poly(ester carbonate) (PEC) and poly(ethylene terephthalate) (PET) containing up to two-thirds of the latter are melt extruded, they produce a single-phase amorphous “alloy.” This alloy is characterized by a sharp, single, composition-dependent glass transition temperature, Tg. When annealed below Tg, the alloy remains unaltered, but when annealed above its Tg, the alloy separates into minute pure-PET crystallites and an amorphous PEC/PET phase. The thermal and dynamic mechanical behavior, crystallization kinetics, and SAXS patterns all strongly suggest the PEC-rich alloys to be solid solutions in which the PET molecules are dispersed individually or in small aggregates containing only a few PET molecules each. Calculations of the interaction parameter and assumed interfacial layer thickness tend to support this suggestion. Use of appropriate solvents allows one to selectively dissolve the PEC and recover from the alloys both PET and PEC in the original purity and molecular weights. Diffusion constants of PET molecules through the amorphous alloys were obtained from studies of PET crystallization above Tgof the alloys. The magnitude of the constants are in the range of expectation. The mechanical properties of the amorphous alloys in the glassy state do not deviate greatly from simple additivity of the respective properties of the parent polymers. However, the melt viscosity of the PEC-rich alloys and their plateau modulus above T show drastic decreases from straight additivity. A qualitative, but not quantitative, explanation of these observations is offered.