The Umbrella Workers Local 18 and Parapluie Co Had Come

question 57

Multiple Choice

The Umbrella Workers Local 18 and Parapluie Co had come to a tentative agreement on major issues and the union members voted in favour of it. But nothing was committed to paper yet. Thinking that there were some important outstanding issues that needed to be resolved, the umbrella workers continued to strike. Parapluie Co accused the union of striking unlawfully, since an agreement was in place. May the union continue to strike?

• A) No. Once an agreement has been reached between the parties, they are no longer entitled to strike according to labour legislation in most jurisdictions.
• B) No. Once the membership has voted in favour of an agreement, the union is bound by the agreement and they are no longer entitled to continue negotiating according to labour legislation in most jurisdictions.
• C) Yes. There has not been a "meeting of the minds," so full consent has not been given to the agreement, therefore it has not been executed and the union is still entitled to strike.
• D) Yes. An agreement must be signed in order for it to be executed, therefore the union is still entitled to strike.
• E) none of the above

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Definitions:

Human Capital

The economic value of an individual’s skills, knowledge, and experience, considered in the context of their ability to contribute to an economy.

Arbitrage Opportunity

The opportunity to buy an asset at a lower price in one market and sell it at a higher price in another, securing a risk-free profit.

Short Position

A trading strategy involving the sale of a security that is not owned by the seller, with the expectation that the price will decline, allowing it to be bought back at a lower price.

Long Position

A financial term describing the purchase of a security with the expectation that its value will rise over time.