Faith Vs. The Law Of Moses:

Many of the Jews put their full faith and trust in their works of the Law of Moses, as if they were earning their own salvation.  Rather than having faith in God...they were putting their faith solely in their own works.  But then the new covenant came.  This was the new covenant promised by God.

Prophecy of the New Covenant

The Lord, speaking through the prophet Jeremiah, told the Jews of a New Covenant:

"Behold, days are coming," declares the LORD, "when I will make a new covenant with the house of Israel and with the house of Judah, ³² not like the covenant which I made with their fathers in the day I took them by the hand to bring them out of the land of Egypt, My covenant which they broke, although I was a husband to them," declares the LORD. ³³ "But this is the covenant which I will make with the house of Israel after those days," declares the LORD, "I will put My law within them, and on their heart I will write it; and I will be their God, and they shall be My people. ³⁴ "And they shall not teach again, each man his neighbor and each man his brother, saying, 'Know the LORD,' for they shall all know Me, from the least of them to the greatest of them," declares the LORD, "for I will forgive their iniquity, and their sin I will remember no more." Jeremiah 31:31-34

Jesus spoke of His upcoming death and the blood to be shed:

"And He (Jesus) said to them, "This is My blood of the covenant, which is poured out for many." Mark 14:24 (NAS)

The New Covenant began at the death of Christ; making the Old Covenant "obsolete"

"But now He has obtained a more excellent ministry, by as much as He is also the mediator of a better covenant, which has been enacted on better promises. ⁷ For if that first covenant had been faultless, there would have been no occasion sought for a second. ⁸ For finding fault with them, He says, "Behold, days are coming, says the Lord, when I will effect a new covenant with the house of Israel and with the house of Judah; ⁹ Not like the covenant which I made with their fathers On the day when I took them by the hand to lead them out of the land of Egypt; for they did not continue in My covenant, and I did not care for them, says the Lord. ¹⁰ "For this is the covenant that I will make with the house of Israel after those days, says the Lord: I will put My laws into their minds, and I will write them upon their hearts. And I will be their God, and they shall be My people. ¹¹ "And they shall not teach everyone his fellow citizen, and everyone his brother, saying, 'Know the Lord,' for all shall know me, from the least to the greatest of them. ¹² "For I will be merciful to their iniquities, and I will remember their sins no more." ¹³ When He said, "A new covenant " He has made the first obsolete. But whatever is becoming obsolete and growing old is ready to disappear." Hebrews 8:6-13 (NAS)

"... and to Jesus, the mediator of a new covenant, and to the sprinkled blood, which speaks better than the blood of Abel." Hebrews 12:24 (NAS)

Question:

The Old Covenant was between God and the Israelites (the Jewish people).  Let's say that a Jewish person today was putting his faith in the works he performed under the Law of Moses.  According to the scriptures above, what would be some of the reasons that his faith would be misplaced? (choose the best of the three answers below)

1. After Jesus died on the cross, the old covenant (the Law of Moses) was made "obsolete."
2. We are under a new covenant...not like the covenant that God made with Moses when He led the Israelites out of the land of Egypt.
3. Both of the above.