Step 1: Understanding the Concept:
This is a standard definition of the constituent parts of the Union Legislature.
Step 2: Detailed Explanation:
According to Article 79, the Parliament consists of the President, the Rajya Sabha (Council of States), and the Lok Sabha (House of the People).
The PM and the Speaker are office-bearers within the system, but not listed as the institutional components in Article 79.
Step 3: Final Answer:
Parliament consists of A, B, and C.