What are the key specifications included in every futures contract?

The correct choice highlights essential specifications that define a futures contract, which is crucial for trading participants to understand their obligations and the details of the trade.

The product specifies what is being traded, whether it's an agricultural commodity, financial instrument, or other assets. The trading exchange indicates where the contract is traded, providing the framework and standards for the transaction. Contract size denotes the amount of the product that is covered by the futures contract, which is vital for understanding how much an investor is buying or selling. The pricing unit is related to how the price of the contract is quoted, which is essential for determining the total value of the trade. Lastly, the delivery month indicates when the contract matures and when the delivery of the underlying asset is to be made.

These elements are fundamental as they ensure clarity and standardization in futures trading, allowing participants to align their expectations and manage their risks effectively.