Explanation:

- Option 1: Section 84

- Deals with 'discharge by allowing drawee more than 48 hours to accept.'

- It doesn’t concern discharge by material alteration.

- Option 2: Section 87

- Discusses 'discharge of liability by material alteration.'

- If any material alteration is made to a negotiable instrument without consent, it becomes void against any party who was part of it before alteration.

- This is the correct option.

- Option 3: Section 86

- Deals with 'acceptance of a bill drawn in fictitious name.'

- It is not related to material alteration.

- Option 4: Section 85

- Pertains to 'cheques payable to order.'

- It is unrelated to material alterations.