Which of the Following Is Best Considered an Implicit Contract

question 21

Multiple Choice

Which of the following is best considered an implicit contract?

• A)A union contract that specifies hourly wages and fringe benefits.
• B)A union contract that specifies how overtime wages will be calculated.
• C)An informal agreement between a firm and its employees to reduce hours of work for everyone a little bit during an economic contraction in order to prevent firing anyone.
• D)An informal agreement between a firm and its employees to have the firm fire its most expensive workers first during an economic contraction.
• E)A historical agreement between a firm and its employees that the firm pays workers based on a combination of age, experience and education.

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Definitions:

Mind Map

A visual diagram that represents concepts, words, tasks, or items linked to and arranged around a central concept or subject using a nonlinear graphical layout that allows the user to build an intuitive framework around a topic.

Lecture

A formal presentation or talk given to an audience or class, usually for educational purposes.

Reflect

To think deeply or carefully about something, often for the purpose of gaining insight or understanding.

Auditory

Relating to the sense of hearing or the system within the body that allows for hearing.