A(n) ________ in the nature or time of payment of an obligation operates as a novation for an outgoing partner,when the creditor has knowledge of the partner's dissociation.

A) material modification
B) alteration
C) reasonable modification
D) industry change

Material Modification

A significant alteration to the terms of a contract that affects the rights and duties of the parties involved.

Novation

The substitution of a new contract in place of an old one, often involving a change in parties or the terms of the agreement, with the consent of all parties involved.