1. an agreement to buy or sell a specific amount of a commodity or financial instrument at a particular price on a stipulated future date; the contract can be sold before the settlement date;
WordNet (r) 3.0 (2006):
futures contract
n 1: an agreement to buy or sell a specific amount of a
commodity or financial instrument at a particular price on
a stipulated future date; the contract can be sold before
the settlement date