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Simple English definitions for legal terms

leverage contract

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A quick definition of leverage contract:

A leverage contract is an agreement to buy or sell a certain amount of a valuable item, like gold or silver, at a set price in the future. Unlike a futures contract, there is no official market for leverage contracts and the terms are set by the individual seller. This means there is no guarantee that the seller will buy back the contract or continue to act as a broker. Leverage contracts are not allowed for agricultural items.

A more thorough explanation:

A leverage contract is an agreement to buy or sell a specific commodity, such as gold or silver, at a future date for a set price. Unlike a futures contract, there is no designated market for leverage contracts. Instead, the terms are set by the individual merchant, who does not guarantee a repurchase market or continue serving as the broker for the purchaser.

For example, let's say that John wants to buy a leverage contract for gold. He agrees to purchase a certain amount of gold at a specific price in the future. However, there is no guarantee that he will be able to sell the contract or that the merchant will continue to act as his broker.

It's important to note that leverage contracts are generally not allowed for agricultural commodities, according to US law.

level-rate legal-reserve policy | leveraged buyout

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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
AHHAHAHAHAHAHHAHAHAHAHAHAH
@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
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
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