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A company has entered into a forward contract for the purchase of gold, in 2 years, for $1300/oz. Does this arrangement meet the definition of

A company has entered into a forward contract for the purchase of gold, in 2 years, for $1300/oz. Does this arrangement meet the definition of a derivative ( Refer for the FASB Codification ASC 815-10-15-83)? Analyze all required parts of the definition.

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