Sally has a note form Alice for $1000.00 for the sale of a personal watercraft that Alice did not pay when due. Alice told Sally that she did not plan to pay at all because the watercraft has never worked right and that she has been stranded more than once in the middle of the lake. Alice accused Sally of intentionally misrepresenting the condition of the watercraft. Sally talks Bill into buying the note for $800.00. Sally tells Bill that Alice did not pay when the note was due and about her other complaints. Sally tells Bill that, nevertheless, he should not be concerned because Alice cannot assert any defenses against him. Is Sally right and why or why not? In your answer discuss the requirements of qualifying as a holder in due course.