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Simple English definitions for legal terms
futures
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A quick definition of futures:
Futures: Futures are things that people buy or sell to get them in the future. These things can be things like gold, stocks, or even money from other countries. People agree to buy or sell these things at a certain price and time in the future. This is called a futures contract. Sometimes, people who might be hurt by someone else can also be called futures, especially if they are part of a group of people who were hurt and are trying to get justice together.
A more thorough explanation:
Definition: Futures are standardized assets, such as commodities, stocks, or foreign currencies, that are bought or sold for future acceptance or delivery. They are also known as financial futures. A futures contract is an agreement to buy or sell a specific asset at a predetermined price and date in the future. Future claimants are individuals who would become members of a class of persons injured by a defendant and included in a class action.
- Buying a futures contract for gold means agreeing to purchase a specific amount of gold at a set price on a future date.
- Selling a futures contract for oil means agreeing to deliver a specific amount of oil at a set price on a future date.
- In a class action lawsuit, future claimants are individuals who have not yet been injured but may be in the future due to the defendant's actions.
The examples illustrate how futures are used to hedge against price fluctuations in various assets. By agreeing to buy or sell at a predetermined price, investors can protect themselves from potential losses or secure profits. Future claimants are individuals who may be affected by a legal case in the future and are included in a class action lawsuit.