(URGENT) Which one of the followings is incorrect in the comparisons of Forwards with Futures.

a. Both contracts are binding (i.e., both parties must fulfill their obligations). Forward contracts are less standardized then Futures that are traded on exchanges

b. There is usually no cost in signing Forwards but Futures involves maintenance (or margin) requirements.

c. Parties expose to more costs of default risk in Futures than Forwards.

d. Transaction details such as exercise price, maturity date are determined today for both Forwards and Futures.