linear payoff

问题如下：

A characteristic of forward commitments is that they:

选项：

A.

provide linear payoffs.

B.

do not depend on the outcome or payoff of an underlying asset.

C.

provide one party the right to engage in future transactions on terms agreed on in advance.

解释：

A is correct because forward commitments provide linear payoffs. B is incorrect because forward commitments depend on the outcome or payoff of an underlying asset. C is incorrect because forward commitments obligate parties to make (not provide the right to engage) a final payment contingent on the performance of the underlying.

中文解析：

A正确，因为远期承诺提供线性支付。

B不正确，因为远期承诺取决于标的资产的结果或偿付。

C不正确，C说远期合约事先给一方提供了以事先商定的条件参与未来交易的权利，这是对期权合约较为合适的描述。远期合约是双方签订合约，到期根据实际价格情况，双方有义务履行合约，是obligation，而不是right，任意一方都是没有选择的权利的。