Contract - Banking awareness questions on current affairs

1)   Which of the following is known as the concept of a standard contract to buy or sell a specified commodity at a certain date in future and at a market driven price?

a. Forward Contract
b. Futures Contract
c. Market Contract
d. Standard Contract
Answer  Explanation 

ANSWER: Futures Contract

Their main purpose is to mitigate risk of default by either party in the intervening period.