economic realities test

Definition of "economic realities test"
  1. A type of legal assessment used to understand the true character of a business transaction or situation
How to use "economic realities test" in a sentence
  1. The court applied the economic realities test to decide if the workers were employees or independent contractors.
  2. The economic realities test was used to analyze the financial conditions of the business transaction.
  3. Through the economic realities test, the judge was able to make a determination about the nature of the deal.

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