Teacher JacobOh no! It's Expired.
On Expiration Date
Learning Objective: This is a discussion class. At the end of the session, the students are expected to have practiced their conversation skills and developed their analytical thinking skills.
What is expiration date?
What are the forms or kind of expiration dates?
What are the things that expire?
1. Shelf life
This pack of diced pork says 'display until' 7 May and 'use by' 8 MayShelf life is that length of time that food, drink, medicine and other perishable items are given before they are considered unsuitable for sale or consumption. In some regions, a best before, use by or freshness date is required on packaged perishable foods.
Shelf life is the recommendation of time that products can be stored, during which the defined quality of a specified proportion of the goods remains acceptable under expected (or specified) conditions of distribution, storage and display[1].
Most shelf life labels or listed expiration dates are used as guidelines based on normal handling of products. Use prior to the listed date does not necessarily guarantee the safety of a food or drug. Thus, immediately after the date, a product is not always dangerous nor ineffective. [2]
http://en.wikipedia.org/wiki/Shelf_life--- source
2. For an option contract, expiration is the date on which the contract expires. The option holder must elect to exercise the option or allow it to expire worthless.
Typically, option contracts expire according to a pre-determined calendar. For instance, for U.S. exchange-listed equity option contracts, the expiration date is always on the Saturday that follows the third Friday of the month, unless that Friday is a market holiday, in which case the expiration is on the Friday.
In the case where the option is not exercised, upon expiration any margin charged by the clearing firm to the holder or writer of the option is released. The margin may then be used for any purpose, for instance to finance subsequent option trades.
http://en.wikipedia.org/wiki/Expiration_(options)---source
Discussion
1. What is the importance of expiration date?
2. Do you have any funny, interesting or unforgettable story about products or contracts that have any connection to expiration date?
3. Is there any other thing in this world that expires aside from those mentioned above? What is it?