• 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
Example sentence
• A futures contract is a binding agreement to buy or sell a specific quantity of a particular asset at a predetermined price on a specified future date.
• an agreement that is not in writing and is not signed by the parties but is a real existing contract that lacks only the formal requirement of a memorandum to render it enforceable in litigation
• a contract that heavily restricts one party while leaving the other free (as some standard form printed contracts); implies inequality in bargaining power
Example sentence
• The adhesion contract between the customer and the company stated that any disputes would be resolved through arbitration.
• a contract whose performance by one party depends on the occurrence of an uncertain contingent event (but if it is contingent on the outcome of a wager it is not enforceable)
Example sentence
• An aleatory contract is a type of agreement where the performance of one party depends on the occurrence of a future uncertain event.
• a contract which, in the event of a breach by one of the parties, can be considered as several independent agreements expressed in a single instrument
Example sentence
• A severable contract is an agreement where the parties involved can be held separately liable for their individual obligations.
• a written agreement between two states or sovereigns
Example sentence
• They made a pact to always support each other.
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