Consideration executed a negotiable promissory

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Reference no: EM131045888

On June 15, 2006, Justin, for consideration, executed a negotiable promissory note for $10,000, payable to Renee´ on or before June 15, 2011. Justin subsequently suffered financial reverses. In January 2011, Renee´ on two occasions told Justin that she knew he was having a difficult time; that she, Renee´, did not need the money; and that the debt should be considered completely canceled with no other act or payment being required. These conversations were witnessed by three persons, including Larry. On March 15, 2011, Renee´ changed her mind and indorsed the note for value to Larry. The note was not paid by June 15, 2011, and Larry sued Justin for the amount of the note. Justin defended upon the ground that Renee´ had canceled the debt and renounced all rights against Justin and that Larry had notice of this fact. Has the debt been properly canceled? Explain.

Reference no: EM131045888

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