What is another word for futures contract?
Pronunciation: [fjˈuːt͡ʃəz kˈɒntɹakt] (IPA) 
A futures contract is an agreement between two parties to buy or sell an asset at a specified price and time in the future. It is also known as a forward contract, a futures option, or a forward option. A forward contract has the same characteristics as a futures contract, but the delivery date is not standardized, and it is usually traded over the counter. A futures option is a derivative that gives the owner the right, but not the obligation, to buy or sell an underlying futures contract. A forward option is a financial instrument that gives the buyer the right, but not the obligation, to enter into a forward contract at a predetermined price and date.
