On June 15, 2016, Justin, for consideration, executed a negotiable promissory note for $10,000, payable to Renee on or before June 15, 2021. Justin subsequently suffered financial reverses. In January 2021, Renee on two occasions told Justin that she knew he was having a difficult time; that she, Renee, did not need the money; and that the debt should be considered completely cancelled with no other act or payment being required. These conversations were witnessed by three persons, including Larry. On March 15, 2021, Renee changed her mind and indorsed the note for value to Larry. The note was not paid by June 15, 2021, and Larry sued Justin for the amount of the note. Justin defended upon the ground that Renee had cancelled the debt and renounced all rights against Justin and that Larry had notice of this fact. Has the debt been properly cancelled? Explain.