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Simple English definitions for legal terms

forward contract

Read a random definition: commodity paper

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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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