On June 15, 2012, Justin, for consideration, executed a negotiable promissory note for $10,000, payable to Reneé on or before June 15, 2017. Justin subsequently suffered financial reverses. In January 2017, Reneé on two occasions told Justin that she knew he was having a difficult time; that she, Reneé, did not need the money; and that the debt should be considered completely canceled with no other act or payment being required. These conversations were witnessed by three persons, including Larry. On March 15, 2017, Reneé changed her mind and indorsed the note for value to Larry. The note was not paid by June 15, 2017, and Larry sued Justin for the amount of the note. Justin defended upon the ground that Reneé had canceled the debt and renounced all rights against Justin and that Larry had notice of this fact. Has the debt been properly canceled? Explain.