Which of the Following Are Specifically Stated in Futures Contracts

question 6

Multiple Choice

Which of the following are specifically stated in futures contracts?
I.the quantity of the commodity to be delivered
II.the quality of the commodity to be delivered
III.the exact price at which the commodity must be delivered
V.the time and place at which the commodity must be delivered

• A)I and II only
• B)II and IV only
• C)I, II and III only
• D)I, II and IV only

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Definitions:

Operation of Law

A legal term that indicates a right or liability is created or extinguished automatically due to existing laws, rather than by the act of a party.

Term Partnership

A business arrangement between two or more individuals who have agreed to jointly conduct business activities for a specific period of time.

Dissolve

The formal closure or termination of a corporation or partnership, often involving liquidation of assets to pay creditors.

Express Authority

Explicit permission granted to an agent by a principal to perform certain acts or transactions.