Question: Kennedy gave a promissory note (a promise to pay money) for $20,000 to Ragsdale, the president of Onslow Livestock Corp., to purchase shares of stock in the corporation. Ragsdale had told Kennedy that the corporation was a "going concern." In reality, the company was losing money, had many debts, and generally was "going under." Ragsdale attempted to obtain a judgment against Kennedy when Kennedy failed to pay the promissory note. Does Kennedy have a defense for not paying the promissory note? (Ragsdale v. Kennedy, 286 N.C. 130)