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Standardized agreements to buy or sell specified amount of currency at date in future at pre-determined price are called bonds.
What is a standardized agreement?
A standardized contract, also referred to as a standard form contract, is an arrangement between two parties wherein one party establishes the terms and the counterparty has little to no flexibility in changing them. These "boilerplate" or "take it or leave it" contracts, which are most frequently used in business-to-consumer transactions, enable the widespread distribution of goods and services. Standard form contracts are frequently used, despite the fact that it may seem unfair to give the counterparty no room for negotiation. It's possible that you have already signed a number of agreements when making purchases of goods or services in your daily life. Standardized agreements help keep transaction costs down and do away with the need to haggle over terms with each customer a company deals with. They may, however, be misused and used to deceive customers if they are employed improperly.
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