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Ethics is knowing the difference between what you have a right to do and what is right to do.
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Legal Definitions - forward agreement
The law is reason, free from passion.
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Definition of forward agreement
A forward agreement is a type of contract between two or more parties that creates enforceable obligations. It is also known as a forward contract.
For example, let's say that a farmer wants to sell their crop to a buyer at a future date. They could enter into a forward agreement that specifies the price, quantity, and delivery date of the crop. This creates a legal obligation for both parties to fulfill their end of the agreement.
Another example could be a company that wants to hedge against fluctuations in currency exchange rates. They could enter into a forward agreement with a bank to exchange a set amount of one currency for another at a future date and at a predetermined exchange rate.
These examples illustrate how a forward agreement creates a legally binding obligation for both parties to fulfill their end of the contract. It provides certainty and reduces risk for both parties involved.
The difference between ordinary and extraordinary is practice.
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Simple Definition
A forward agreement is a type of contract between two or more parties that creates obligations that can be enforced by law. It is a written document that sets out the terms of the agreement. A contract can refer to three things: the actions taken by the parties to create the agreement, the physical document that records the agreement, and the legal obligations that result from the agreement. A contract is essentially a promise or set of promises that the law recognizes as a duty, and if the promises are broken, the law provides a remedy.
A judge is a law student who marks his own examination papers.
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