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Jackson Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2021, with payment of 20 million Korean won to be received on January 15, 2022. The following exchange rates applied: Assuming a forward contract was entered into, the foreign currency was originally sold in the foreign currency market on December 16, 2021 at a:
Detrimental Reliance
A legal principle where a party suffers harm by relying on a misleading statement or promise of another.
Bargained-for Exchange
A fundamental principle of contract law that involves a mutual exchange of value or promises between parties.
Enforceable Promise
A commitment in a contract that is legally binding and can be upheld in court.
Substituted Contract
An agreement made to replace a prior contract, which was agreed upon by all original parties and extinguishes the obligations of the first agreement.
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