please please answer both questions urgently and perfectly. I will give positive rating if you solve both Questions and answer them correctly. mention each part answer as you give. Don't answer if you aren't sure about the answer

Question 12 Under which situation Put-Call Parity does NOT fail to hold There are strong short selling restrictions Bid ask spread is pretty small Markets are not well functioning Transaction costs are too high Question 11 When should you early exercise an American put? The first time its price is equal to the strike price minus the stock price: Pa=K-S You never early exercise American puts 0 The first time ils price is equal to the stock price minus the strike price: Pa=S-K Right belore the stock pays dividends