Final answer:
A forward contract is an obligation to sell a specific amount of currency at a specific exchange rate in the future.
Step-by-step explanation:
An obligation to sell a specific amount of currency at a specific exchange rate at a future point in time is called a forward contract. In the context of foreign exchange markets, a forward contract is a financial contract that allows a party to lock in an exchange rate for a future transaction. It is commonly used by businesses to hedge against currency risk when they have future obligations denominated in a foreign currency.