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Contract Examples: Common Types and Key Elements Explained

Written by: Aditya Rana


May 29, 2024

contract examples common types and key elements explained

Contracts are legally binding documents between two or more parties. You’ve probably signed a contract at some point in your life — to start a new job, rent an apartment, or take out a loan for example.

These documents outline the terms and conditions of agreements to prevent future disputes and protect the rights of each party. But contracts can vary significantly depending on the nature of the agreement.

In this blog, I’ll share contract examples and explain the key elements of each. PS: You can use an Online Contract Maker or edit professionally-designed contract templates to make contracts in minutes.

 

Click to jump ahead:

Common types of contracts

Though you can find contracts for almost any agreement, the most common types of contracts are employment contracts, rent contracts, and personal loan contracts.

To learn about each of these contracts and more, keep reading!

Lease contract

A lease contract outlines the terms of renting a property between a landlord and tenant. It specifies the rent amount, security deposit, and lease duration.

This lease contract template features a professional design with clearly defined sections for parties, property details, lease term, rent, and security deposit, making it easy for users to fill in necessary information.

Minimalist Lease Contract Template
 

Employment contract

An employment contract defines the terms of work between an employer and employee.

These contracts detail job duties and responsibilities of the employee, compensation, benefits, termination clause, and confidentiality obligations.

This employment contract template features a green and white color scheme and includes well-organized sections for details such as engagement and term.

Short Term Employment Contract Template
 

Residential room contract

A residential room contract is used when renting a single room within a home.

These contracts specify the rent amount for the room, how utilities will be handled, rules regarding shared space usage and the lease term.

This room rental contract template features a modern design with a calming color scheme and an image to enhance professionalism. It includes sections for homeowner and renter information, making it easy to read essential details.

Room Rental Contract Template
 

House purchase and sale contract

A house purchase and sale contract is crucial for both buyers and sellers of a house.

These contracts include information about the agreed-upon purchase price, closing date, contingencies, and procedures for inspections.

This house purchase and sale contract features a a blue and white color scheme to provide a clean and organized look. It also has a clear layout and bullet points to make it easy to input and review necessary information and ensure a straightforward and efficient contract creation process.

Simple Blue House Purchase and Sale Contract Template
 

Personal loan contract

A personal loan contract outlines the terms of a personal loan and protects both the borrower and lender.

Personal loan contracts specify the loan amount, interest rate, repayment schedule, and potential penalties for late payments.

This personal loan contract template has a clean teal and white color scheme and an organized layout ensuring all critical information is presented in a straightforward manner.

Modern Personal Loan Contract Template
 

Business service contract

A business service contract lists the terms a company must follow to perform the specific service it was hired for.

These contracts generally specify the service details, deliverables, timeline, costs, and payment terms.

This customizable business service contract template includes clearly labeled sections for owner and co-owner details, contact information, and project address for a residential solar installation job.

This is just a standardized template for business service agreements. For organizations dealing with different types of clients, we recommend you use a contract management system to create and manage business service agreements.

Here is a list of best contract lifecycle management software to automate business service contract management. These tools simplify contract drafting through pre-approved clause libraries, dynamic templates, and AI assistance- aiding efficiency and accelerating deals.

Residential Solar Installation Contract Template
 

Investor contract

An investor contract outlines the terms and conditions between a company and an investor who provides capital to a business.

These contracts detail the specific terms of the investment, including the amount of money being invested, ownership percentages, profit sharing, and exit strategies.

This investor contract template features a minimalistic color scheme to enhance focus on the content which is organized by key sections such as investment details and payment method.

Dark Purple Investor Contract Template
 

Non-disclosure agreement

A non-disclosure agreement (NDAs) contract protects confidential information shared between parties, typically in business settings.

NDAs highlight what information is confidential and what restrictions apply to its use and disclosure.

This non-disclosure agreement template includes clearly defined areas for detailing confidential information and the obligations of the recipient, making it easy to understand and complete.

Purple Company Non-Disclosure Agreement Contract (NDA) Template
 

Key elements of a contract

For contracts to be legally enforceable or legally binding, it needs to meet specific requirements such as having a valid offer, an exchange of products or services, and the capacity of all parties to enter an agreement.

But how do you know what details to include in a contract, or what you can omit?

Here’s a brief overview of elements every contract should include:

  • Offer: A clear offer made by one party and acceptance by the other party.
  • Consideration The exchange of something of value between parties (money or a service).
  • Capacity to contract: All parties involved must legally be able to enter an agreement (be of legal age and sound mind).
  • Legal object: The purpose of the contract must be legal and enforceable.

Conclusion: Create professional legally-binding contracts in a few clicks right in your browser!

Understanding what makes a contract legally binding before signing on the dotted line is important if you want a deal that is fair and protects your rights and interests.

To create legally-binding contracts fast, edit one our professionally-designed contract templates today and rest assured that whether you’re the one issuing or signing the agreement, your interests will be well-protected and clearly outlined.

 
About Aditya Rana

Adi is a word slinger and loves to fiddle around with SaaS. When not living online, you'll find him outside in nature with a book.