12.

The seller of a forward contract:

Select one:

a. agrees to receive a product at a future date at a pre-specified price.

b. agrees to receive a product at a future date at the price on that future date.

c. agrees to deliver a product at a future date at a pre-specified price.

d. agrees to deliver a product at a future date for a price set on that future date.

e. agrees to receive a product today or anytime in the future.