Given below are two statements.

Statement I: Each haemoglobin molecule can bind to only one molecule of O₂.

Statement II: O₂ can bind with haemoglobin in an irreversible manner to form oxyhaemoglobin.

In light of the above statements, choose the correct answer from the options given below. 

Both statement I and statement II are incorrect.

Statement I is false because each hemoglobin molecule can bind up to four molecules of oxygen. Hemoglobin has four heme groups, each of which can bind one molecule of oxygen, making a total of four oxygen molecules that can be carried by one hemoglobin molecule.

Statement II is false because the binding of oxygen with hemoglobin is reversible, not irreversible. When oxygen binds to hemoglobin, it forms oxyhemoglobin. However, under certain conditions such as decreased partial pressure of oxygen or increased acidity (Bohr effect), oxyhemoglobin can release oxygen molecules, allowing hemoglobin to bind with oxygen again. This reversible binding and release of oxygen by hemoglobin are essential for oxygen transport in the blood and its delivery to tissues.