Forward contracts are the same as futures contracts only they cannot be traded and are not necessarily standardised.

Name: Forward contracts are the same as futures contracts only they cannot be traded and are not necessarily standardised.
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Forward contracts are private agreements between two parties to buy or sell an asset at a specified price on a future date, and unlike futures contracts, they are not traded on exchanges and do not have standardized terms.

Forward Contracts Are the Same as Futures Contracts Only They