Which Term Refers to an Unwritten Contract That Is Created

question 51

Multiple Choice

Which term refers to an unwritten contract that is created when an employee agrees to work for an employer but no agreement exists as to how long the parties expect the employment to last?

• A) temporary assignment
• B) contract employment
• C) employment at will
• D) right-to-work law

Understand the difference between direct and indirect taxes, and their respective impacts.

Recognize the types of taxes (regressive, progressive) and their effects on different income groups.

Identify the primary sources of state and federal revenue.

Understand the role and impact of federal transfer payments.

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Definitions:

Origin Contract

A contract which determines the initial terms and conditions set forth for an agreement or transaction.

Voidable Title

indicates that a title transfer may be nullified if the buyer discovers the seller did not have ownership rights or authority to sell the item in question.

Good-Faith Purchase

Buying property without knowledge of any existing claims or rights of others, believing the transaction to be honest and legal.

Goods-In-Bailment Contract

A contract where personal property or goods are transferred temporarily into the custody of another for a specific purpose but ownership remains with the bailor.