A forward exchange contract is

$(1)$ an immediately firm and binding contract

$(2)$ is for the purchase or sale of a specified quantity of a stated foreign currency

$(3)$ is at a rate of exchange fixed at the time the contract is made

$(4)$ for performance at a future time which is agreed when making the contract

A $(1)$ and $(2)$ only

B $(1),(2)$ and $(3)$

C $(2)$ and $(3)$ only

D All of the above