Explanation:

- Option 1: Alteration of contract

- Involves changing specific terms of an existing contract.

- The original contract remains but is modified.

- Option 2: Rescission of contract

- Refers to the cancellation of a contract.

- The parties are restored to their pre-contractual positions.

- Option 3: Novation of contract

- Replacement of an existing contract with a new one.

- Involves a third party and discharges the original contract obligations.

- ? Correct Answer: Novation involves substituting a new party in place of the original debtor, creating a new debt obligation.

- Option 4: Change in contract

- A vague term that could imply various alterations.

- Not specifically recognized as a form of contract modification in legal terms.