Commodity
/ˈkɒm.ə.dɪ.ti/
Definitions
- (n.) A basic good or raw material that can be bought, sold, or exchanged, typically in bulk and standardized form.
Wheat is a staple commodity in global markets.
Forms
- commodities
Related terms
See also
Commentary
In legal contexts, commodities often pertain to standardized goods traded on exchanges, highlighting the importance of precise definitions in contracts and trade regulations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.