Question: Elise endorses a negotiable instrument she received for painting work she hasn't yet performed "to the order of Karen." Karen takes the instrument for value, in good faith and without notice of any claims or defenses against it. Karen then endorses it and gives it to John. The instrument isn't yet overdue. Elise, however, hasn't yet done the painting, and the original issuer refuses to pay John. Discuss the rights of the parties.