What is a difference between a forward contract and a future contract?

Question $1$ options:

$1)$

The settlement price of a forward contract is fixed over the life of the contract but in a futures contract is marked to market daily.

$2)$

Forward contracts are normally arranged through an organized exchange, while most futures contracts are OTC contracts.

$3)$

Both are essentially the same, except for trading volumes which are higher for futures contracts.

$4)$

Both are essentially the same, except for the fact that the terms of a forward contract is set by the exchange, subject to the approval of the Commodity Futures Trading Commission $($CFTC$).$

$5)$

Delivery of the underlying asset almost always occurs on a futures contract but almost never occurs on a forward contract.