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What are the 2 types of contracts?

Contract type is a term used to signify differences in contract structure or form, including compensation arrangements and amount of risk (either to the government or to the contractor). Federal government contracts are commonly divided into two main types, fixed-price and cost-reimbursement.

What is a derogatory legal term?

: a clause in a legal document (such as a will) making any future altering or canceling document invalid except upon the recital of the clause word for word and its formal revocation.

What does and/or mean in legal terms?

used to join terms when either one or the other or both is indicated. passports and/or other means of identification. ▶ USAGE Many people think that and/or is only acceptable in legal and commercial contexts.

What are the 6 types of contracts?

Types of contracts Written contracts. Verbal contracts. Part verbal, part written contracts. Standard form contracts. Period contracts. Getting contract advice.

What does terms mean in legal?

In Contract Law, Terms means Terms of a Contract, the conditions and warranties agreed upon between parties to the contract. Contract terms may be verbal or in writing. Conditions are those terms which are so important that one or more of the parties would not enter into the contract without them.

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