$7\mathrm{.}12$ The basic difference$($s$)$ between forward and futures contracts is that

a$)$ forward contracts are individually tailored while futures contracts are standardized

b$)$ forward contracts are nerntintad waith hanks whereas futures contracts and on an organized exchange

c$)$ forward contracts have no daily limits on price fluctuations whereas futures contracts daily limit on price fluctuations

d$)$ all of the above