What aspect of a futures contract is not standardized?

In the context of futures contracts, the price is indeed not standardized, which makes this option correct. Futures contracts are agreements to buy or sell a specific quantity of an underlying asset at a predetermined price on a specified future date. While the contract specifications, such as the underlying asset, expiration dates, and margin requirements, are standardized by the exchanges to promote liquidity and consistency in trading, the actual price at which the futures contract will be executed is determined by market forces and can fluctuate based on supply and demand.

Each futures contract for the same asset can have different prices at various points in time, which reflects the current market conditions and the participants' expectations about the future value of the asset. This variability in pricing allows traders to react to market information and conditions, making the price the non-standardized aspect of futures contracts. The elements that are standardized facilitate the trading process, ensuring that all participants have common terms to understand and trade the contracts effectively.