On the 16th of April 2020, a promissory note was executed.Ima is the payee of the promissory note in the amount of #5000000 and Okon is the maker on the note. Akpan agreed to manufacture machine parts for Ima in exchange for Okon's promissory note. Ima in indorses the notes to Akpan. At the time of the notes transfer. Akpan was not aware of any problems concerning the transaction between Ima and Okon. After Akpan had spent #350,000 retooling plant equip in preparation for manufacturing the parts for Ima, Okon informed Akpan that the note is defective because Ima secured it from him fraudulently. Akpan responded by saying that he was not involved in the deal between Okon and Ima and even has already spent #1,350,000 to perform the contract he has with Ima. Subsequently Akpan manufactures and delivers the part to Ima. When Akpan presents the note to Okon, he refused to pay. Akpan sued hint on the note and Okon responded by assuring that he only issued the note because he was defrauded by Ima.

Identify, discuss and resolve the issues presented by this case.