You can think of tensors as multilinear map on some module $\mathscr{G}$ (call this Type-I tensors). You can also write ${T^{ab...}}_{pq...}=\sum A^aB^b\cdots P_pQ_q\cdots$ where each element ($A^a\in\mathscr{G}^a$, $B^b\in\mathscr{G}^b$ etc) (Type-II tensors). Using contraction of the form
$${T^{ab...}}_{pq...}X_aY_b\cdots U^pV^q\cdots=\sum (A^aX_a)(B^bY_b)\cdots (P_pU^p)(Q_qV^q)\cdots \in \mathscr{G}$$
we see that the above expression defines a $\mathscr{G}$ multi-linear map. Thus, for any type II tensor, there exists an unique type-I tensor. However, it doesn't guarantee that all type I tensors are obtainable from type II tensors in this way and that there is a 1-1 correspondence between these two definitions. OP's question can be reformulated as : can all type-I tensors be obtained from type-II tensors? It is only possible when $\mathscr{G}$ is totally reflexive, i.e. an isomorphism exists between module $\mathscr{G}^{\alpha}$ and its dual $\mathscr{G}_{\alpha}$. Say, we choose $\mathscr{G}$ to be $\mathscr{C}^{\infty}$ smooth functions on a manifold, but let $\mathscr{G}^{\alpha}$ to be space of $\mathscr{C}^0$ smooth vector fields. In this case we see that the dual space $\mathscr{G}_{\alpha}$ can only have zero element, as no other vector fields $f_{\alpha}$ when contracted with $\mathscr{C}^0$ vector field will give $\mathscr{C}^{\infty}$ smooth functions. Total reflexivity is guaranteed, if $\mathscr{G}^{\alpha}$ has a finite basis (at least locally). An elaborate proof of this proposition is discussed in sections 2.3 and 2.4 of Spinors and space-time, Volume-I.