Answering to your questions,
The security appliance supports two failover configurations, Active/Active failover and Active/Standby failover. Each failover configuration has its own method for determining and performing failover.
With Active/Active failover, both units can pass network traffic. This lets you configure load balancing on your network. Active/Active failover is only available on units running in multiple context mode.
With Active/Standby failover, only one unit passes traffic while the other unit waits in a standby state. Active/Standby failover is available on units running in either single or multiple context mode.
Both failover configurations support stateful or stateless (regular) failover.
Refer the following documents for the detailed information.
http://www.cisco.com/en/US/products/ps6120/products_configuration_guide_chapter09186a008054c4b7.html
http://www.cisco.com/en/US/products/ps6120/products_configuration_guide_chapter09186a008054d490.html