A. A forward contract is not closed out by returning it to the party it was purchased from. Since forward contracts are not traded in secondary markets, there are no buyers or sellers of forward contracts.

B. A forward contract does not expire on its maturity date. The original parties to the contract are obligated to complete the transaction on the maturity date.

C. Forward contracts cannot be traded in a secondary market, so there are no buyers and sellers of forward contracts, and there is no opportunity to offset a position. The original parties to a forward contract are obligated to complete the transaction.

D. A forward contract is settled at maturity by the sale and purchase of the commodity or other asset. The original parties to the contract are obligated to complete the transaction.