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There are many different types of contracts, but the most common component of a contract is offer, acceptance, and consideration, meaning that one party offers something, the other party supplies something else, and there’s mutual promises exchanged. There are other types of contracts also, such as unilateral contracts, where one party has offered to have a person provide a service, and the other party says nothing and simply provides a service in exchange for what was offered. For example, somebody offers in writing to pay $50 if you mow their lawn, the other person simply mows the lawn, says nothing. A contract’s been formed and the money is owed once the project is completed.

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