11.1 Using Forward and Futures Contracts to Hedge Risks Forward Contract an agreement between two parties to exchange something at a specified price and time This is an obligation on both parties Distinguish this from a right of a party to exchange something THE COURSE OF FINANCE 2017 SPRING SJTU 411.1 Using Forward and Futures Contracts to Hedge Risks  Forward Contract  an agreement between two parties to exchange something at a specified price and time This is an obligation on both parties Distinguish this from a right of a party to exchange something THE COURSE OF FINANCE 2017 SPRING SJTU 4