futures contract

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun finance a standardized contract, traded on a futures exchange, to buy or sell a standardized quantity of a specified commodity (or financial instrument) of standardized quality at a certain date in the future, at a price (the futures price).

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun an agreement to buy or sell a specific amount of a commodity or financial instrument at a particular price on a stipulated future date; the contract can be sold before the settlement date