> For the complete documentation index, see [llms.txt](https://guide.laevitas.ch/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://guide.laevitas.ch/concepts/contracts.md).

# Contracts

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Contracts are a term of reference describing a unit of trading for a future or options.
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### In Futures

1. In futures trading, the contract is an agreement between two parties to make and take delivery of a specified commodity on a given date at a predetermined location.

### In Options

1. In options trading, the contract 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.
2. In crypto options, one contract usually means the option corresponding to 1 unit of the underlying (e.g 1 BTC or 1 ETH) as compared to 100 shares in 1 equity option.