In a certain code,
'parents teach good values' is coded as 'sc fs ye un',
'strong values shape character' is coded as 'lx zv fs lb' and
'good habits discipline strong' is coded as 'ye hk gb zv'.
(All the codes are two-letter codes only.)

What is the possible code for ‘character’?

To find the code for the word 'character', let us analyze the given coded sentences step-by-step:

1. 'parents teach good values' is coded as 'sc fs ye un' (Statement 1)
2. 'strong values shape character' is coded as 'lx zv fs lb' (Statement 2)
3. 'good habits discipline strong' is coded as 'ye hk gb zv' (Statement 3)

First, let us compare Statement 1 and Statement 2:
The common word between Statement 1 and Statement 2 is 'values'.
Looking at their codes, the common code is 'fs'.
Therefore, the code for 'values' is 'fs'.

Next, let us compare Statement 2 and Statement 3:
The common word between Statement 2 and Statement 3 is 'strong'.
Looking at their codes, the common code is 'zv'.
Therefore, the code for 'strong' is 'zv'.

Now, let us look at Statement 2 again:
The sentence is 'strong values shape character', which has the code 'lx zv fs lb'.
We already know:
- The code for 'strong' is 'zv'.
- The code for 'values' is 'fs'.

Removing these known codes from Statement 2 leaves us with the words 'shape' and 'character', and the remaining codes 'lx' and 'lb'.
Since there is no other information to distinguish between 'shape' and 'character', the code for 'character' must be either 'lb' or 'lx' (and the same applies to 'shape').

Thus, the correct option is Either 'lb' or 'lx'.