ACI Dealing Certificate (#89)

The Model Code recommends that standard terms and conditions be used in legal documents. Which one of the following statements is correct?

When trading in financial products described by the Model Code, dealers and voice brokers need not clarify whether they propose to use standard terms.
Standard terms and conditions should be signed bilaterally by senior management of both principals before any applicable market transactions are entered into.
When using legal agreements any proposed modifications or choices offered in the agreement must be clearly stated as soon as the trade is agreed.
For many instruments, standard master agreements issued by recognized authorities need not be signed by senior management of the principals intending to transact business.