What Is the Essential Difference Between an Option and a Futures

Multiple Choice

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

A) An option transaction occurs now, while a futures contract takes place in the future.
B) An option transaction is a right to transact for the option holder, while a futures contract is an obligation to transact in the future.
C) An option transaction is not standardized, while a futures contract is standardized.
D) An option transaction deals with financial assets, while a futures contract deals with commodities.