Required information 2. Defenses and Third-Party Claims Defenses and Third-Party Claims An advantage of negotiable instruments they are easily transferrable by negotiation. However, holders and holders in due course have defenses to payment on an instrument. Virginia decided that she would tike to biry new living foom furniture. She sold her old couch to Sven which he paid for Wit a check for $300 Virginia picked out a new living room set Big Tent Furniture, which cost $3,300. To pay for the new furniture Virginia indorsed check from Sven by signing her name on the back of the check and gave it to Big Tent. For the remaining $3,000 Big Tent had Virginia sign a promissory note in which she would pay back the $3,000 plus interest in equal monthly installments for the next fifieen months; 8ig. Tent, in order to have better cash flow docided to sell the promissory note at a discount to First Factoring Kevin, the owner of Big Tent, negotiated the loan by signing his name and "payable to First Foctoring" on the back of the note. First Factoring then packaged the promissory note with several other notes and negotiated the sale of the loans to investors. Kevin then gave the checkfor $300 to his daughter isabella for her college graduation. isabella deposited the check in her account at Union State Bank, writing "For Deposit Only" and signing her name on the back. 2a. Suppose for this question that when... Suppose for this question that when Virginia was at Big Tent, she was not sure if she wanted all the furniture in the living room set A saiesperson tricked her into signing the promissory note for all of the furniture by telling ner that it was a ctedit check. Which of the folowing is correct