A forward contract is described by:.
a. agreeing today to buy a product today at its current price.
b. agreeing today to buy a product at a later date at a price to be set
in the future.
c. agreeing today to buy a product if and only if its price rises above the
exercise price today at its current price.
d. agreeing today to buy a product at a later date at a price set today.

Agreeing today to buy a product at a later date at a price set today.

Explanation:

Forward contract can be described as a type of contract that exists between two parties. Both parties agree on a specific and defined price to buy and sell their assets at a later date. The specific price agreed upon by the both the buyer and seller is known as forward price.

It is necessary for the buyer and seller to ensure the forward contract is completed before the fixed date to prevent problems that might arise. The advantages of this type of contract include: consistency in the price agreed upon by both parties, downside risks are prevented due to the ability to determine future rate.

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