D Question 49 35 pts Weldon Walker is an artist and an apparel manufacturer. He creates original logos and trademarks for his clients. His clients then order apparel from him containing the original logos and trademarks. One of Weldon's clients is Paul Dunbar. Paul owns a health care company with 3500 employees. On January 5, Paul orders $40,000 worth of apparel products from Weldon, to be delivered by March 1. As payment, Paul gives to Weldon a promissory note that states, "I, Paul Dunbar, promise to pay to Weldon Walker, the amount of $40,000 dollars on June 1." The Note is signed and dated. On February 1, Weldon sells the promissory note to James Johnson for $30,000 because Weldon is in need of cash flow to complete Paul's order. Weldon endorses the note, "Pay to James Johnson, without recourse", and signs it "Weldon Walker". On May 1, James Johnson gives the note to his daughter Toni Morrison as a wedding gift. James Johnson endorses the note, by signing his signature "James Johnson". On June 1, Toni Morrison presents the note to Paul Dunbar for payment. Paul refuses to pay the note. Paul advises Toni that he is not going to pay the note because Weldon Walker breached the contract because Weldon never delivered any of the apparel that Paul ordered. ANSWER THE FOLLOWING QUESTIONS about the above Scenario: (DO NOT RESTATE the question. Just place the question number at the start of your answer to each question.) 1. What is the legal significance of the indorsement by which the February 1 promissory note was negotiated from Weldon to James. (5 pts). 2. As to the issue of whether Paul must pay Toni , explain the rule(s) (and any exceptions) that you must apply to determine whether the U.C.C. requires that Paul pay Toni. (25). 3. Apply the rule that you just explained to the facts of this scenario and answer the question of whether the U.C.C. requires that Paul pay Toni the amount stated in the note. (5 pts). Edit View Insert Format Tools Table 12pt Paragraph B