Which of the following option is false? Select the most suitable answer.

a.In futures market, the purpose of daily price limits is to prevent large price movements from occurring because of speculative excesses. b.In futures market, the contract size is negotiated between traders. c.The futures price tends to be higher for delivery locations that are relatively far from the main sources of the commodity. d.Closing out a futures position means entering into the opposite trade to the original one. e.The future exchange must specify the precise period during the month when delivery can be made.