The correct options are
A First law explains what happens to an object when no net force acts on it.
B Action and reaction are pairs of forces which act on different body(s).
D Third law explains what happens when one object exerts a force on another object.
Newton's first law of motion states that "Every object will remain at rest or in a state of motion unless compelled to change its state by the action of a net force". So statement I is correct and statement III is incorrect.
According to Newton's third law of motion, every action has an equal and opposite reaction. And action and reaction are pairs of forces which act on different bodies.So statements II and IV are correct.