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A Study on Scrutinizing the Theories Regarding Employment at Will Rule through META in American Law System.Yong-Ho Phi***攀*** Assistant Professor of Hannam University College of Law, Ph.D. in Law.攀攀In American law system, employment termination law is based on the employment at will rule which gives employers the unrestricted right to fire their employees who do not have definite-term employment contracts. Employers may fire employees for no reason at all, and they may fire employees for any reason that is not specifically prohibited by state or federal statute or by judicial interpretation of common law tort and contract principles. Epstein and other defenders of employment at will focus on the nature of employment as a market transaction between the employer and the employee, a trade of labor for wages. In their view, because permitting either party to terminate such an exchange relationship at will is the most economically efficient choice, the law should not restrict an employer's right to fire an employee. Most opponents of the rule including Blades focus on the costs to wrongly-fired employees, whether those costs are economic, dignitary, or psychological, they think it’s unacceptably high. Opponents generally agree that employees should be given some form of property right in their jobs, such a property right would reduce unfair termination to the absolute minimum because employer must show good or just cause to take that job away. The absolutist form of the at will rule is no longer a serious possibility, on that account, defenders and opponents keep on disputing with each other about the soundness of the rule in order to maintain the rule or replace it with just cause protection. This study is a scrutiny of this polarized theoretical debate through Model Employment Termination Act.