5.1 Consider the following statements regarding futures contracts that may be settled by delivery:
Statement 1: “The long initiates the delivery process.”
Statement 2: “For many such contracts, delivery can take place any business day during the delivery month.”
Are the statements most likely correct or incorrect?

a. Both statements are correct.

b. Statement 1 is incorrect, but Statement 2 is correct.

c. Statement 1 is correct, but Statement 2 is incorrect.