Unlike a defined benefit plan, the cash balance plan is ...

[tiffannnnyyyyyy]

Unlike a defined benefit plan, the cash balance plan is maintained on an individual account basis, much like a defined contribution plan.
 
  Indicate whether the statement is true or false

Question 2

What is an employment contract? Describe three things an employment contract must contain to be legally binding.
 
  What will be an ideal response?

[BUTTHOL369]

Answer to Question 1

True

Answer to Question 2

A legally binding and enforceable employment contract arises when there is an offer, acceptance of that offer, and sufficient consideration to make the contract valid. An offer contains the terms and conditions of employment as proposed by the employer, and possibly specific requirements for the offer's acceptance, such as a deadline. A job offer's terms must be definite and certain, and allow the job candidate to reasonably expect that the business is willing to be bound by the offer on the terms proposed.

An acceptance is a clear expression of the accepting party's agreement to the terms of the offer. The offer must be accepted as specified in the offer, and not propose any changes. If the offer requires written acceptance by a certain date, the acceptance must be on time and in writing to be valid.

Consideration is the bargained-for exchange between the contract parties. In other words, something of value must pass from one party to the other for consideration to have occurred. Each party to the contract must gain some benefit from the agreement and incur some obligation in exchange for that benefit. Typically, this involves an exchange of labor for pay.

[tiffannnnyyyyyy]

Thank you

[BUTTHOL369]

Happy to help you