Explanation:

All statements are correct.

Article 299 of the Constitution

• Article 299 specifies the manner in which government contracts should be concluded and executed. The objective of this article is to ensure that contracts made by agents acting on the government’s behalf adhere to a defined procedure to prevent unauthorized or illegitimate contracts that may deplete public funds.

• All contracts made in the exercise of executive power must be clearly stated to be made by the President of India or the Governor of a State.

• Execution of contracts: Contracts and assurances of property made in the exercise of executive power shall be executed on behalf of the President or Governor by persons authorized by them.

• Personal liability exemption: Neither the President nor the Governor shall be personally liable for any contract or assurance made or executed in accordance with Article 299.

• Exemption for persons executing contracts: Individuals executing contracts on behalf of the President or Governor shall also not be personally liable for those contracts.

• Compliance with statutory law: Article 299 does not grant the government immunity from the application of statutory laws when entering into contracts. The government is still bound by applicable laws.

Hence option 4th is correct.