Future Contract is defined as a standardized, transferable, exchange-traded

  In finance, a futures contract is a standardize agreement between 2 parties, to purchase or to sell a particular goods at a certain date in the future at a future price, which is established at the time when the contract is made.

A futures contract is a contract that is made between two parties, usually on the floor of a trading room.  It is designed to sell a commodity or a financial instrument of some sort in the future at a predetermined price.  In certain instances, someone must give or take over a physical commodity, like corn.  There are other futures contracts that exist such a