The Five Forms of Magic

Single Fae Contract

 * Pacts are made with singular fae with a limited scope, such as a single spell with a given price per cast or per day
 * The most common form of magic
 * Relatively few downsides unless you can't make your end of the deal.

Guild Contract

 * Primarily used during The Cold Age, as a way for The Fovos to deal peaceably with the increasingly powerful guilds.
 * A contract with a higher ranking fae that provides benefits to a large group of people
 * One of the most desirable forms of contract, though difficult to obtain
 * The costs involved are high, though not necessarily as high as negotiating similar pacts for each member.

Enchantment Contract

 * A Fae grants a wider selection of powers at the cost of general servitude or devotion.
 * Magic is invoked by using spells written or spoken, requiring significant knowledge on the part of the caster. Essentially a part of the fae's power is given on lease to the person using it.
 * The caster takes some responsibility for spells cast and may suffer minor consequences if a spell is broken.
 * When written, enchantments are carried out by lesser fae under the influence of the contracted fae lord.

Sorcery/Shaping

 * The direct use of magic without the assistance of the fae.
 * Requires significant practice and skill.
 * Extremely rare and dangerous, the caster's will is extended in the casting of any spell and they can suffer significant backlash if their spell is broken or if they overreach.
 * Generally hated by the fae, as it intrudes on what they view as their own existance.
 * Nearly any creature of the fae will be stronger than almost any shaper, therefore fae can break a shaper's spells very easily. Especially when the fae shares an affinity for similar or directly opposed magic (fire vs. fire, fire vs. water, etc.)
 * Shapers must take more precautions than other types of caster, creating wards and using relics to dampen the backlash of a failed spell.

Companion Fae

 * A young fae that takes a particular liking to a person and travels with them as a companion.
 * Usually, companion contracts are fairly loose and rely on generally keeping the young fae content. As the two share a close bond this usually amounts to sweets and satisfying their curiosity.
 * The bond between companions is extremely close and rarely applies to the rest of a group.
 * Fae companions grow alongside their host, gaining power as the host grows.
 * A Fae companion often bonds when very young. In some instances, such as when a fae bonds closely with someone particularly heroic, when the hero dies the fae may seek out someone with similar potential and guide them from childhood.

More information
The first 3 forms of magic are fairly well understood and common. Guilds were created in the first place in order to create bargaining opportunities with greater fae. And enchantment contracts are actively sought out by some fae in order to expand their own influence.

Shapers and those with companion fae are especially rare. Shaping magic is considered dangerous and taboo and those who practice it usually do so in secret. As for companions, they are most often very young, impressionable fae and they tend to avoid people.