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As for "revisen y fimen el contrato" yes is meant for more than one person.
Yes, we use the third person for formal.
Is "revisen y firmen el contrato" meant to say to multiple persons? When used to one person, would it be "revise y firme"?
Am I correct these verbs end in "e" in stead of "a" because it is the formal form?
It is better to use "to " with verbs, otherwise it can be confused with the noun (e.g. sign).