The correct option is 2 and 3 only.
Explanation
Transform faults represent conservative plate boundaries where two lithospheric plates slide horizontally past one another. Unlike divergent or convergent boundaries, these zones do not involve significant vertical movement of the lithosphere.
Statement 1 is Incorrect: Transform faults are generally perpendicular (at right angles) to the mid-oceanic ridges, rather than parallel. They cut across the ridges, offsetting the spreading centers and connecting segments of the ridge system.
Statement 2 is Correct: These faults are termed conservative boundaries because crust is neither produced nor destroyed along them. There is no upwelling of magma to form new crust (as seen in divergent boundaries) and no subduction of plates (as seen in convergent boundaries).
Statement 3 is Correct: Transform faults are a consequence of the differential movement of plate portions on the Earth's spherical surface. As plates move away from a spreading ridge, different sections move at varying speeds depending on their distance from the pole of rotation. Transform faults accommodate this differential motion and the curvature of the Earth.
Key Takeaway: Transform faults are conservative plate boundaries that typically run perpendicular to mid-oceanic ridges, facilitating the horizontal sliding of plates without crustal creation or destruction.