C. False. Variation margin is not exactly a feature of the futures contract; it varies by trader because it is extra margin required (in a margin call, triggered when the margin balance falls below the maintenance margin) to restore the margin balance to the initial margin.

In regard to (A), (B), and (D), each is a likely specification of a futures contract. The typical contract specifications include:

• Asset quality and/or grade
• Contract size; e.g., corn futures contract unit is 5,000 bushels per contract
• Delivery arrangements
• Delivery months
• Price quotes; e.g., the price quotation for corn futures is "cents per bushel"
• Price limits and position limits