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What is the essential difference between an option and a futures contract? An option transaction...

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Finance

What is the essential difference between an option and a futures contract?
An option transaction is a right to transact for the option holder, while a futures contract is an obligation to transact in the
future.
An option transaction occurs now, while a futures contract takes place in the future.
An option transaction is not standardized, while a futures contract is standardized.
An option transaction deals with financial assets, while a futures contract deals with commodities.
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