Statement I: If an agent acts in his name, the principal shall have a right of action against the persons with whom the agent has contracted. Statement II: Should there be a stipulation that the agent shall advance the necessary funds, he shall be bound to do so even if the principal is insolvent.

a. Only Statement I is true.

b. Only Statement II is true.

c. Both statements are true.

d. Both statements are false.

Please explain the correct or incorrect option. Provide an answer as soon as possible.