Which of the following correctly explains the nature of boric acid in aqueous medium:

A base is a material that receives a proton, while an acid is a chemical that may deliver a proton, according to the Bronsted-Lowry notion of acids and bases.
A base is a chemical that can contribute a lone pair of electrons, whereas an acid, in accordance with Lewis' theory of acids and bases, is a substance that can take a lone pair of electrons.

${\mathrm{H}}_3{\mathrm{BO}}_3\stackrel{{\mathrm{H}}_2\mathrm{O}}{⟶}\mathrm{B}(\mathrm{OH}{)}_4^{-}+{\mathrm{H}}^{+}$

A monobasic Lewis acid.