The correct statements are:
1) It allowed imports and exports to be taxed equally- This way no country had a distinct advantage over another.
2) It allowed all countries equal trading rights with China.
Ultimately, Hays initiated this policy in order to benefit American business leaders. His goal was to make sure no one European country acted as a monopoly when trading with China. Even though this never becomes a formal international law, it does have a great effect on the Chinese and American economy.
This is of course somewhat of a subjective question, but in general most would agree that the Election of 2000 justifies changes to the Electoral College since the majority wasn't listened to.