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A is corrent because the leasing arrangement, to which Allen is a surety, remained intact with no modifications. The lease, itself, expressed a holdover clause which went into existence when Lear remained in possession after the original leasing period. The essence of a surety arrangement is that the surety promises to perform upon default of the principal debtor. Therefore, Allen becomes liable when Lear defaults during the extended term of the lease.
B is incorrect because a binding extension of time refers to a creditor granting additional time to the debtor to satisfy his obligation. The holdover provision was part of the original agreement and, consequently, would not be considered an alteration.
C is incorrect because there was no alteration of the contract which materially affected the risks to the surety.
D is incorrect because Allen is a surety, not a guarantor of collection; therefore, the creditor need not reduce his claim against the principal debtor to judgment and have execution be unsatisfied before proceeding against the surety on his promise.