Billings Steel Company is negotiating a contract with FXX Railways for the high grade steel produced at its Billingstown mill. One of the issues is whether the parties can include a provision in the contract relating to dispute resolution, which alters the statute of limitations (time for filing suit). Noel and Co., CPAs has correctly advised the parties that the statute of limitations 1) is a state law which cannot be altered by contracting parties. 2) can be decreased to less than four, but not less than one year, but cannot be extended 3) can be eliminated altogether. 4) can be reset to between one year and five years