Discuss the Arguments for and Against Raising the Federal Minimum

question 10

Essay

Discuss the arguments for and against raising the federal minimum wage.Are there any differences in the minimum wage across the states? If so,what are the differences and what are the reasons for them?

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Definitions:

Consideration

In contract law, consideration refers to something of value, which can be an object, service, money, or promise, exchanged between parties as the basis for a contract.

Bilateral Contract

An agreement between two parties in which each party commits to performing a specific obligation.

Consideration

In a contractual agreement, it is the value or promise that each party agrees to exchange.

Promissory Estoppel

A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.