The Terms of Futures Contracts Such as the Quality and Quantity

question 85

Multiple Choice

The terms of futures contracts such as the quality and quantity of the commodity and the delivery date are

• A) specified by the buyers and sellers.
• B) specified only by the buyers.
• C) specified by the futures exchanges.
• D) specified by brokers and dealers.
• E) none of these.

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Definitions:

Cotenants

Individuals who hold an equal legal interest in a piece of property and share the responsibilities and benefits of ownership.

Joint and Several

A legal term detailing that multiple parties can be held individually or collectively responsible for a single obligation.

Lease Liability

Financial obligation that a lessee has to make payments resulting from a lease agreement, over the lease term.

Implied Warranty

An unstated guarantee that a product or service will meet certain standards of quality and reliability.