In which of the following ways do futures contracts differ from forward contracts?

1. Futures contracts are standardized.

2. For futures, performance of each party is guaranteed by a clearinghouse.

3. Futures contracts require a daily settling of any gains or losses.

Select one:

a. 1. and 3. only

b. 2. and 3. only

c. 1.,2., and 3.

d. 1. and 2. only