Explanation:

- Alteration means making changes in the terms of a contract or negotiable instrument.

- For an alteration to be valid, it must happen between the same parties who are involved in the original agreement.

- If different parties alter a contract, the original terms and intent can be lost, making the document invalid.

- Alteration does not take place between different parties or involve new parties unless everyone agrees.

- Option 1 states only the same parties, Option 2 only different parties, Option 3 says it can be either, and Option 4 says neither.

- Correct Answer: Option 1 (the same parties)

- Alteration is legally recognized only when the parties to the contract are the same.