Collective Bargaining Refers to

question 269

Multiple Choice

Collective bargaining refers to

• A)the process by which the government sets exemptions from the minimum wage law.
• B)setting the same wage for all employees to prevent conflict among workers.
• C)firms colluding to set the wages of employees below equilibrium.
• D)the process by which unions and firms agree on the terms of employment.

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Definitions:

Sufficient Consideration

The concept in contract law that something of value, which is mutually agreed upon by the parties involved, must be exchanged for a contract to be legally binding.

Illusory Agreement

A contract or agreement that appears to be binding but lacks the necessary elements to enforce it, often because terms are too vague or one party has the option not to perform.

Monetary Value

The economic worth assigned to goods, services, or assets in terms of currency.

Promissory Estoppel

A legal principle that prevents a person from going back on a promise, even if it was made without formal consideration, if another person reasonably relied on that promise to their detriment.