You are examining a company that has entered into a contract to make regularly monthly purchases of a minimum number of barrels of crude oil over the next five years. The contract also states that the monthly purchases will be made at a price of $65 per barrel. With respect to this contractual arrangement, the company is

Select one:

a. Not required to disclose this contract.

b. Required to disclose this contract.

c. Not required to disclose this contract unless the market price of the oil drops below $65 per barrel.

d. Not required to disclose this contract unless the market price of the oil goes above $65 per barrel.