Outright
From ACT Wiki
In relation to derivative financial instruments, an outright is one which commits both parties to the contracted exchange at maturity.
Examples include forward foreign exchange contracts, and forward rate agreements.
Outright instruments are contrasted with options.
Under an option, one of the parties has a choice about whether to make the exchange at maturity, and will only do so if it is in their interests to do so at the time, based on prevailing market prices.
