NO.PZ2018062007000087
问题如下：
In contrast to contingent claims, forward contracts:
选项：
A.have their prices chosen by the participants.
B.could end in default by either party.
C.can be exercised by physical or cash delivery
解释：
B is correct. In a forward contract, either party could default, whereas in a contingent claim, default is possible only from the short to the long. A is incorrect because the forward price is set in the pricing of the contract such that the starting contract value is zero, unlike contingent claims, under which parties can select any starting value. C is incorrect because both forward contracts and contingent claims can be settled by either physical or cash delivery.
中文解析：
B正确，在forward commitment 中，任何一方都可以违约，而在contingent claim中，只有short方有可能违约。
A是不正确的，forward 合约的价格不是参与着可以自己选择的，它是我们通过无套利原则计算出来的，使得合约初始的价值为0的价格。
C是错误的，二者都可以通过实物交割或现金交割来结算。
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