If an Employer and Employee Agree on Employment of a Certain

question 51

Multiple Choice

If an employer and employee agree on employment of a certain time, or that job security will be provided, then there is likely:

• A) an express contract
• B) an implied contract
• C) an implied covenant of good faith
• D) nothing more than employment at-will
• E) none of the other choices

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Definitions:

Perfect Information

A theoretical condition in which all participants in a market have complete and accurate information about the products and prices.

Union Representation

The action or process of having a labor union act as an intermediary between employees and management to negotiate terms of employment, wages, and working conditions.

Global Scene

A phrase referring to the international landscape or context in which businesses and governments operate, including considerations of economic, cultural, and political factors.

Agriculture Sector

The part of the economy concerned with the production, processing, and distribution of food, fiber, and products from plants and animals.