Explanation:

Correct Option is 2: Will theory

According to his theory "rights is an inherent attribute of the human will". The purpose of the law is to permit the expression of free will. The subject matter is derived from the human will.
Rights are defined in the terms of will by Austin, Pollock and Holland. According to John Locke, "the basis of the right is the will of the individual". According to Puchta the legal rights gives power to the person over the object which by means of right can be subjected to the will of the person who is enjoying the right.