Explanation:

- Law of contract creates rights that are enforceable against specific individuals, not the whole world. This is called 'jus in personam'.

- Jus in rem: Rights against the world at large (e.g., property rights), not typically created by contracts.

- Jus in personam: Rights against a specific person, which is exactly what contract law establishes.

- Ubi jus ibi remedium: Means "where there is a right, there is a remedy." It's a general legal principle, not directly about contract law's effects.

- None of above: Not correct since option 2 fits.

Correct Answer: Option 2 – jus in personam