Black model: Definition from Answers.com

A variation of the Black-Scholes model that allows for the valuation of options on futures contracts.

Investopedia Says:
In 1976, Fisher Black, one of the developers of the Black-Scholes model (introduced in 1973), demonstrated how the Black-Scholes model could be modified in order to value European call or put options on futures contracts.

Related Links:
An introduction to the world of options, covering everything from primary concepts to how options work and why you might use them. Options Basics Tutorial