Which statement best describes the term 'at will' employment?

The term 'at will' employment is best described by the statement that employment can be terminated by the employer at any time. This reflects the fundamental principle of at-will employment, where either the employer or the employee can end the employment relationship without needing to provide a reason or justification, as long as the firing does not violate specific laws or contractual obligations.

In at-will employment, the absence of a specific contract length means that employees do not have guaranteed job security. This allows for flexibility in the employment relationship, catering to the needs of both the employer and employee. The other options provided discuss aspects of employment where reasons for termination or contractual obligations are involved, which contradict the essence of at-will employment.