FUTURES CONTRACT Definition

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FUTURES CONTRACT is an agreement to buy or sell a specific amount of a commodity or financial instrument at a specified price on a specified future date. Futures con­tracts are traded on a commodity exchange and used both for speculation and hedging.

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MARKET DISCOUNT is the stated redemption price of a bond at maturity minus your basis in the bond immediately after you acquire it. Market discount arises when the value of a debt obligation decreases after its issue date.

SHELF LIFE specifies the period of time which a product can be stored, under specified conditions, and remain in optimum condition and suitable for use or consumption.

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