In futures contracts, the exchanged asset is defined with a known standardized quantity and quality at a price agreed upon by the parties on the spot while delivery is made at a specified future date.

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Futures contracts specify the quality, quantity, and delivery date of the asset being traded, with the price agreed upon at the time the contract is entered into, even though delivery and payment occur at a future date.

In Futures Contracts, the Exchanged Asset Is Defined with a Known