Definitions for "option contract"
The right, but not the obligation, to buy (for a call option) or sell (for a...
A contract that gives the bearer the right, but not the obligation, to be long or short a futures contract at a specified price within a specified time period. The specified price is called the strike price. The futures contract that the long may establish by exercising the option is referred to as the underlying futures contract.
A contract that calls for delivery of foreign exchange on a specified date that frequently does not coincide with one of the even maturities regularly quoted in the market.