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LSDefine

Simple English definitions for legal terms

forward contract

Read a random definition: at-will tenancy

A quick definition of forward contract:

A forward contract is an agreement between two or more parties that creates obligations that can be enforced by law. It is a written document that sets forth the terms of the agreement. A contract can refer to three things: the actions taken by the parties to create new legal relations, the physical document that serves as evidence of the agreement, and the legal relations that result from the agreement. A contract is essentially a promise or set of promises that the law recognizes as a duty. Laypeople and lawyers may also use the term "contract" to refer to the written document, but it is important to understand that the legal concept of a contract refers to the agreement itself, not just the document.

A more thorough explanation:

A forward contract is a type of contract between two or more parties that creates enforceable obligations. It is a written agreement that sets forth the terms and conditions of the contract.

For example, if a farmer wants to sell his crop to a buyer at a future date, they can enter into a forward contract. The contract will specify the price, quantity, and delivery date of the crop. The farmer is obligated to deliver the crop on the specified date, and the buyer is obligated to pay the agreed-upon price.

Another example is a forward contract for currency exchange. If a company knows it will need to exchange a certain amount of currency in the future, it can enter into a forward contract with a bank. The contract will specify the exchange rate and the date of the exchange. The company is obligated to exchange the currency on the specified date, and the bank is obligated to provide the agreed-upon exchange rate.

These examples illustrate how a forward contract creates enforceable obligations between parties. Both parties are bound by the terms of the contract and must fulfill their obligations on the specified date.

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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