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Choosing a Contract Type > Choosing a Contract Type - Pg. 64

64 PROJECT MANAGEMENT FOR SMALL BUSINESS + is the service and material to construct the deck, and the Perfecto Restaurant's consideration is the $12,500. · Offer and acceptance.The offer describes the exchange of agreed-upon fees and services. The offer from the seller, for example, is to provide the services and goods defined in the contract. The offer from the buyer is the amount of money that the buyer is willing to pay. The offer may pass through negotiations before it becomes binding in the form of a contract. The offeree is the party that accepts the offer from the offerer, and the acceptance signals the con- firmed binding agreement between the parties. · Proof of agreement. The buyer and the seller sign their names to the contract as a form of evidence that both par- ties have agreed to the terms of the contract. The terms of the contract define the payment, the requirements for