Contracts mode is quite cool. You have to put together a scenario, and enact upon it or challenge your friends. By setting parameters (Such as weapon restrictions, just how you take down the target, time limt etc etc) then you can create a custom mission that can be hard as nails, or a cakewalk.
And if you need something to get the creative juices flowing, then IO Interactive have already stated that there shall be many premade Contracts available on the disc to give you an idea of what to do, and as inspiration for making your own Contracts.
Contracts was inspired by our loyal and extremely creative fans, many of whom are still finding new and amazing ways of taking out targets in previous Hitman games,” said Christian Elverdam, gameplay director for Hitman: Absolution. “Contracts mode finally delivers a way for Hitman players to fully realise both their creativity and competitive nature.
You will also be able to unlock additional content for your Contracts as you progress through the single-player campaign, or by completing other Contracts.