Elise endorses a negotiable instrument she received for painting work she hasnt yet

performed to the order of Karen. Karen takes the instrument for value, in good faith

and without notice of any claims or defenses against it. Karen then endorses it and

gives it to John. The instrument isnt yet overdue. Elise, however, hasnt yet done the

painting, and the original issuer refuses to pay John. Discuss the rights of the parties.