A lock and key legal terminology is a term used when referring to a contract that ties two separate parties by law. This term is used to refer to an agreement that binds the parties to certain obligations and obligations that can’t be removed without prior consent from both parties. In the forex market, this type of legal terminology is often seen when two parties enter into a forward contract. The terms of this contract define the amount of money exchanged (or rate of exchange) at a given date in the future. The legal obligations include, but are not limited to, payment of principal and interest, and the delivery of funds. In the event of a dispute, the parties must abide by the terms of the agreement.