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This section is about the basics of futures and options. We can learn about the terms used in the derivative trading such as futures, options, premium, call, put, strike price.
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Your work is good.
This will be the appropriate answer to the question What is the future contract?
A futures contract is a contract between two parties where both parties agree to buy and sell a particular asset of a specific quantity and at a predetermined price, at a specified date in future.