22-51 An agreement between a buyer and a seller at time 0 where the seller of an asset agrees to deliver an asset immediately and the buyer agrees to pay for the asset immediately is the characteristic of a

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This is the characteristic of a spot contract, where the delivery and payment of the asset occur immediately at time 0. Forward, futures, put options, and call options contracts involve delivery and/or payment at a future date.

22-51 an Agreement Between a Buyer and a Seller at Time