Which of the following represent differences between a forward contract and a futures contract? I. A futures contract only specifies the month of delivery whereas a forward contract specifies the date of delivery. II. A forward contract is traded on an exchange while a futures contract is not. III. With a futures contract, but not with a forward contract, the party which takes delivery may not be the original party which entered the contract with the seller. IV.Forward contracts are marked to the market daily whereas futures contracts are not.