The elements of this, and any other, contract include consideration
b) consideration.
<u>Explanation:</u>
Offer, consideration and acceptance are three main elements of legally binding contract.
The contracts are of two different kinds.
I) Fixed price contracts
II) Cost-reimbursement contracts
The contracts are used separately or in combination with one another. According to consideration, the contract accepts to repave fabricated parking lot for which Fabricated agrees to pay.
According to cost-reimbursement contract, the contractor is paid for all of its allowed expenses to a set limit.
