True or false?

a. Buyers of futures contracts generally wait until the contract matures and then take delivery of the commodity.

b. The great advantage of a futures contract is that the buyer is not obliged to deliver the contract at maturity. He will do so only if the price at maturity is above the contract price.

c. Because the buyer of the futures can sell his contract before maturity rather than take delivery, the futures contract is equivalent to a call option.

d. In contrast to a futures contract, a forward contract requires payment up front.