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Future |
: a contract traded on an exchange in which a party agrees to buy or sell a quantity of a bulk commodity (as soybeans) at a specified future date and at a set price usu. used in pl.
If the price of the commodity has gone up when the future date arrives, the buyer in the contract profits. If the price has gone down, the seller profits.
| Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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collateral estoppel
estoppel by judgment barring the relitigation of issues litigated by the same parties on a different cause of action
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