Which one of the following statements related to futures contracts is correct?

	The buyer of the contract has the right to either accept delivery or cancel the contract.
	Futures contracts can be cancelled by either the buyer or the seller with 10 days notice to the other party.
	The buyer of the contract must deliver the underlying asset on the settlement date.
	The buyer of the contract has a short position.
	Both the buyer and the seller of the contract are obligated to fulfill their duties as outlined in the futures contract.