Chicago Board of Trade v. Christie Grain
Encyclopedia
Chicago Board of Trade v. Christie Grain, 198 U.S. 236 (1905), was a decision by the United States Supreme Court, which upheld sales of American grain for future delivery
provided for by the rules of the Chicago Board of Trade
of the state
of Illinois
. Justice Oliver Wendell Holmes, Jr.
delivered the majority opinion of the court, in which he wrote:
Futures contract
In finance, a futures contract is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
provided for by the rules of the Chicago Board of Trade
Chicago Board of Trade
The Chicago Board of Trade , established in 1848, is the world's oldest futures and options exchange. More than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading. Volumes at the exchange in 2003 were a record breaking 454 million...
of the state
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
of Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
. Justice Oliver Wendell Holmes, Jr.
Oliver Wendell Holmes, Jr.
Oliver Wendell Holmes, Jr. was an American jurist who served as an Associate Justice of the Supreme Court of the United States from 1902 to 1932...
delivered the majority opinion of the court, in which he wrote:
See also
- List of United States Supreme Court cases, volume 198
- Clews v. Jamieson (1901)