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An affidavit of execution consists of three key components: the preamble, the body, and the jurat. The preamble is the top part, while the body, typically single-spaced with double-spacing between numbered paragraphs, contains the main content. The jurat, located at the bottom, is crucial as it includes the deponent's signature, which must be commissioned by a commissioner for oaths. Formatting the jurat can be easily accomplished using a table feature, as detailed in the provided video tutorial. This affidavit is commonly used when a document requires a signed and commissioned signature, applicable in various scenarios.