Read Case #$2$ Ella Able purchases a set of furniture from Hobo Home Decor on credit. To finance the purchase, Ella signs a promissory note payable to Hobo Home Decor, agreeing to repay the loan in monthly installments over the course of a year. The promissory note is subsequently negotiated to Exchange Financing Company, a third$-$party lender specializing in consumer loans. After making several payments, Ella encounters financial difficulties and defaults on the loan. Exchange Financing Company seeks to recover the outstanding balance from Ella, who asserts various defenses to avoid liability. Is Exchange Financing Company considered a holder in due course of the promissory note? What requirements must Exchange Financing meet to qualify as a holder in due course, and what rights does it have as such? What defenses might Ella raise to contest her liability on the promissory note? Are there any defenses that are specific to holders in due course, and how might they impact Exchange Financing Company's ability to enforce the note? $[$Exchange Financing Company. v$.$ Able$]**$This is a fictitious case. You will not find it if you search online. $2.$ Analyze the case using the IRAC $($Issue$,$ Rule, Application, Conclusion$)$ Method IRAC Format InstructionsDownload IRAC Format Instructions How to format cases using the IRAC method