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employment contract (J2, J3)<br />The terms on which a person is hired by a firm. Williamson distinguishes four types: recurrent spot contracting (by which an employee is hired from day to day); contingency claims contracting (being hired depends upon the occurrence of an event, e.g. ball-boys are needed at Wimbledon on a fine day); authoritative contracting (a master-slave contract, a modem example might be military conscription); and INTERNAL LABOUR MARKET contracting (a flexible form of hiring to the senior posts of an organization determined by managerial rules).<br /><em>See also:</em> implicit contract theory; invisible handshake <br /><em>Reference</em><br />Williamson, O.E., Wachter, M.L. and Harris, J.E. (1975) 'Understanding the employment relation: the analysis of idiosyncratic exchange', Bell Journal of Economics 6: 250-78.
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<strong>HT</strong> – Half Time, an enrollment status indicating the student is carrying an academic workload, as determined by the school, that is more than half time but less than full time.
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