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contract
(redirected from Express contract)

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia, Hutchinson 0.02 sec.
Contract
A term of reference describing a unit of trading for a financial or commodity future. Also, the actual bilateral agreement between the buyer and seller of a transaction as defined by an exchange.

contract
1. In futures trading, an agreement between two parties to make and take delivery of a specified commodity on a given date at a predetermined location.
2. In options trading, an agreement by the writer either to buy (if a put) or to sell (if a call) a given asset at a predetermined price until a certain date. The holder of the option is under no obligation to act.

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Claims usually allege negligence, strict liability, implied and express contract, constructive eviction, breach of contract and/or nuisance.
LANCASTER - A former Federal Express contract driver - a decorated Gulf War Army veteran - was sentenced Thursday to six months in jail and placed on five years' probation for taking $16,000 worth of packages he was supposed to deliver.
Although wrongful termination claims are generally covered, claims based on an express contract are not.
 
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