A futures contract is an agreement between a buyer and a seller in which the buyer agrees to take delivery of something at the futures price at the settlement date and the seller agrees to make delivery.

Name: A futures contract is an agreement between a buyer and a seller in which the buyer agrees to take delivery of something at the futures price at the settlement date and the seller agrees to make delivery.
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Quizplus · Accepted Answer

This definition of a futures contract is accurate and true.

A Futures Contract Is an Agreement Between a Buyer and a Seller