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(b) The contract types are grouped into two broad categories: fixed-price contracts (see subpart 16.2) and cost-reimbursement contracts (see subpart 16.3).
Some of the most popular contracts include fixed-price contracts, cost-plus contracts, and time and materials contracts. While you can use software and other tools to help you generate professional agreements, you should still understand the basics of different types of contracts as a business owner.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
10 general types of contracts Fixed-price contracts. ... Cost-plus contracts. ... Time & materials contracts. ... Unit pricing contracts. ... Unilateral contracts. ... Bilateral contracts. ... Simple contracts. ... Implied contracts.
4 Different Types of Contracts Sales Agreements. ... Non-Disclosure Agreements and Intellectual Property Management. ... Professional Service Agreements ? Fixed-Price, Time and Materials, and Retainer-Based Contracts. ... Adhesion Contracts.