Explanation:

- Option 1: Waiver

- Abandonment of a right under a contract is typically referred to as a waiver.

- A waiver is when a party voluntarily relinquishes a right, claim, or privilege.

- Correct Answer

- Option 2: Breach

- A breach occurs when one party fails to fulfill their obligations under the contract.

- It is not about giving up rights but rather violating the agreement terms.

- Option 3: Rescission

- Rescission is the cancellation of a contract, returning parties to their pre-contractual state.

- It undoes the contract as if it never existed.

- Option 4: Alteration

- Alteration refers to a change or modification in the terms of a contract.

- It does not imply any abandonment of rights but simply changes the agreement specifics.