1.Johnson & Co. sold goods to Thomas on credit. The amount grew steadily, and, finally, Johnson & Co. refused to sell any more to Thomas unless Thomas signed a promissory note for the amount due (a promissory note is one in which the maker promises to pay the debt at the designated time in the future). Thomas did not want to sign the note but did so because he had no money and needed more goods. When Johnson & Co. sued to enforce the note, Thomas claimed that the note was not binding because it had been obtained under economic duress. Was he correct? Explain your answer.