The correct answer is option 1. The two basic principles of the liberal theory of democracy as emphasized by John Locke are Universal Adult Franchise and the Right to Property. Universal Adult Franchise means that all adults, regardless of their gender, race, or social status, have the right to vote and participate in the democratic process. The Right to Property refers to the idea that individuals have the right to own and control their own property, which is protected by law. These principles are important because they ensure that the government is accountable to the people and that individuals have the freedom to make their own decisions and benefit from their own labor.