Futures
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Futures
Contracts that promise to purchase or sell standard commodities at a forthcoming date and at a fixed price.
This type of contract is an extremely speculative transaction and ordinarily involves such standard goods as rice or soybeans. Profit and loss are based upon promises to deliver—as opposed to possession of—the actual commodities.
West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.