Learning to Think Globally May Be the First (And Most

question 87

True/False

Learning to think globally may be the first (and most threatening)obstacle an entrepreneur must overcome on the way to creating a truly global business.

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Definitions:

Bilateral Mistake

A legal term referring to a misunderstanding where both parties to a contract have incorrect beliefs about an essential fact of the agreement.

Unilateral Mistake

Mistake as to a material fact on the part of only one party to a contract. In this situation, the contract is normally enforceable against the mistaken party, with some exceptions.

Rescission

A remedy in which the contract is canceled and the parties are returned to the positions they occupied before the contract was made.

Contract

A legally binding agreement between two or more parties that outlines duties, obligations, and conditions that are enforceable by law.