contracts are those that entail a written agreement between two parties that are
considered to be legally binding and enforceable by law. Formal contracts must
contain an offer, the acceptance of such offer, and the conditions in regards to
payments and goods or services that are to be delivered as a result. Therefore,
any particular kind of written contract can be considered a type of formal
are a very common occurrence and are undertaken by people on a daily basis.
Work contracts, automobile leases, loan agreements, and even signing a credit
card receipt after a purchase are all types of formal contract agreements.
Therefore, to establish the most common types of contracts, one would have to consider
them in relation to a particular field, such as business. In business, the most
common contracts may be Bill of Sale, Purchase Order, Warranty, or Security