Short notice. Speculative dealings in commodities (grain, cotton, coffee, etc.) are in certificates
(warehouse receipts which call for the actual property). On a future contract (a contract calling for
delivery of the commodity in a specified future month) a certain number (according to the rules of
an exchange) of days' notice (called a regular notice) must be given by the seller to the buyer of
his intention to deliver the commodity (that is, the certificate representing it) and collect payment
for it. This is when the future was sold without special conditions.
When a future is sold without stipulation to the contrary delivery is understood as being at the
option (at the pleasure) of the seller on regular notice to the buyer at any time in the month in
which the commodity becomes cash (is deliverable). In a future at buyer's option the commodity is
deliverable on regular notice by the buyer to the seller.