In 1998,UK

question 56

Multiple Choice

In 1998,U.K.-based retailer Marks & Spencer closed its office in Shanghai and tabled plans to commence operations there.After 3 years of research,they concluded that the timing is not right.The majority of their customers are from middle-income groups.Within a decade,however,China's emerging middle class represented an attractive opportunity.Marks & Spencer opened its first store in Shanghai in 2008;by 2017,there were 10 stores.However,when its sales stalled,the company pulled out of China for the second time.Part of the problem: low brand awareness,plus the fact that many Chinese shoppers preferred "fast-fashion" brands such as Zara and H&M.China was considered as a(n) ________ market in both instances.

• A)latent
• B)incipient
• C)cluster
• D)existing
• E)primary

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Definitions:

Unilateral Mistake

A unilateral mistake occurs when only one party to a contract is mistaken about a basic assumption on which that party entered into the contract.

Mutual Mistake

A situation in contract law where all parties involved have a mistaken belief about a basic assumption on which the contract is based.

European Courts

Refers to the judiciary involved in interpreting and applying the law within the European Union, including the Court of Justice and the General Court.

Mistake Of Value

A misunderstanding about the significance, worth, or value of something involved in a contract, which may affect the validity of the contract.