Construction Workers at Times Face High Rates of Unemployment Because

question 134

True/False

Construction workers at times face high rates of unemployment because their work is both seasonal and subject to wide swings over the business cycle.

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Definitions:

Option Contract

A legal agreement in which a buyer has the right but not the obligation to buy or sell an asset at a pre-agreed price within a specified period.

Promissory Estoppel

A legal doctrine prohibiting someone from revoking a guarantee given to another individual if the latter has sensibly counted on such guarantee to their disadvantage.

Consideration

Something of value promised to another when making a contract.

Unilateral Contract

An agreement in which only one party makes a promise to perform in exchange for an act by the other party.