Mut’a is an agreement that gives opportunity to men only to take advantage of women’s sexuality by giving them some sort of goods or money. With this agreement, sides are not considered as husband and wife. None of the alimony, inheritance, divorce etc. rules apply to men or women. When the appointed time ends, separation occurs.
Some claim that mut’a existed in our prophet’s time. According to Ahl-al Sunnah, it was forbidden afterwards; but according to Jafaris, it is still valid. Neither claim can be accepted. Because in the surahs revealed in Makkah, Allah Almighty commands as:
“The believers are (those) who guard (cover) their private parts except from their wives or from those whom their right hands possess; for with regard to them they are free from blame.” (Al-Mu’minoon/The Believers 23:1-6 )
The word “farj (private parts)” in the verse stands for “between two legs and the area around it”, for both male and female genitals. Since mut’a will not make sides wife or husband, the verse forbids both sides from showing their private parts to each other. So, you cannot have intercourse at all with somebody whom you cannot even show your private parts.