What is defined as a contract to deliver a fixed amount of property for a fixed price?

A forward contract is indeed defined as a contract to deliver a fixed amount of property for a fixed price. This financial instrument is commonly used in markets to hedge against price fluctuations for commodities, currencies, and financial assets. In a forward contract, the buyer and seller agree on the price and quantity of the asset to be exchanged at a future date, allowing both parties to lock in prices and manage risk associated with price volatility.

In contrast, the other options represent quite different arrangements. A lease agreement involves renting property over time, typically in return for periodic payments, without a transfer of ownership. A service agreement specifies the provision of services rather than tangible goods, focusing on labor rather than the exchange of property. A purchase order is a document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services, but it does not itself constitute a binding contract in the same way a forward contract does regarding the delivery of a specified asset at a future date.