List and Define the Three Different Types of Unemployment

question 62

Essay

List and define the three different types of unemployment.

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Definitions:

Voidable

A contract or transaction that is voidable can be legally nullified or cancelled by one of the parties involved, often due to reasons like misrepresentation or lack of capacity.

Misrepresentation

A false statement of fact made by one party to another, which has the effect of inducing that other party into a contract.

Fraud

A deliberate deception practiced in order to secure unfair or unlawful gain, often involving financial transactions.

Rescind

To revoke, cancel, or repeal a law, order, or agreement.