Futures contract

{
  "id": "MLC-T-LAW-002268",
  "term": "Futures contract",
  "field": "Law",
  "definition": "A standardized legal agreement to buy or sell a specific commodity or financial instrument at a predetermined price on a specified future date. These contracts are traded on organized exchanges and are used for hedging risk or for speculation. They obligate the buyer to purchase and the seller to sell, regardless of the market price at the expiration date.",
  "url": "https://mlchart.com/terminology/law/futures-contract/"
}