Assuming that the statements are related to the Brazilian Civil Code, analyze the following statements and choose the correct alternative: Statemen...

Assuming that the statements are related to the Brazilian Civil Code, analyze the following statements and choose the correct alternative:
Statement I is correct.
Statement II is incorrect.
Statement III is correct.
Statement IV is correct.
I- The penalty clause must be agreed upon simultaneously with the obligation, not allowing the agreement at a later time.
II- When a penalty clause is stipulated for total non-compliance with the obligation, it is converted into an alternative for the creditor, who may choose between asking for the fine or the losses and damages suffered due to non-compliance.
III- The value of the penalty imposed in the penalty clause cannot exceed that of the main obligation.
IV- The penalty must be equitably reduced by the judge if the main obligation has been partially fulfilled, or if the amount of the penalty is manifestly excessive, considering the nature and purpose of the transaction.
a) Only statements I and III are correct.
b) Only statements II and IV are correct.
c) Only statements I, III, and IV are correct.
d) All statements are correct.