Whats the answers please ?

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Which of the following is the best definition of futures contract? Long-term financial risk arising from permanent changes in prices or other economic fundamentals. A legally binding agreement between two parties calling for the sale of an asset or product in the future at a price agreed upon today. A forward contract with the feature that gains and losses are realized each day rather than only on the settlement date. Reducing a firm's exposure to price or rate fluctuations. An agreement that gives the owner the right, but not the obligation, to buy or sell a specific asset at a specific price for a set period of time. Question 47 (2 points) A put option can best be defined as: The right to buy an asset at a fixed price during a particular period of time. The right to sell an asset at a fixed price during a particular period of time. An option that can be exercised at any time until its expiration date. An option that can be exercised only on the expiration date. An option with payoffs in real goods. Question 48 (2 points) A call option can best be defined as: The right to buy an asset at a fixed price during a particular period of time. The right to sell an asset at a fixed price during a particular period of time. An option that can be exercised at any time until its expiration date. An option that can be exercised only on the expiration date. An option with payoffs in real goods