Type I and Type II Errors

In the situation below, describe what it means in that context to make a Type I and Type II error.

Testing to see if a well$-$known company is lying in its advertising. If there is evidence that the company is lying, the Federal Trade Commission will file a lawsuit against them.

Making a Type l error means:

All well known companies are not lying on their advertising.

Sue the company when they are not lying.

All well known companies are lying on their advertising.

Let the company off the hook.

Sue the company for lying in its advertising.

Let the company off the hook, when they are actually lying in their advertising.