The Correct Statements are- 1st)Historically, the reaction of a substance with oxygen was termed oxidation. 3rd)When oxygen reacts it typically means oxygen aquires electrons from the substance with which it reacts. 5th)Oxidation now means loss of electrons by a substance Explanation Consider the outer shell of an oxygenated atom - it has 6 electrons , just 2 electrons short of a full set. Imagine a hydrogen atom - its shell has a single electron with a deficit of one. Thus oxygen can take two electrons easily - hence oxygen reacts with two hydrogen ... See the full answer