Termination of the contract of service means and implies the cessation of the employer-employee relationship once for all. It can be unilateral or bilateral. Unilateral termination of the contract of employment by the employer is the instance of discharge or dismissal or retrenchment of the employee; on the part of the employee, it is resignation or abandonment of employment. Bilateral termination is on account of the employee reaching the age of superannuation as stipulated in the service rules or retirement facilitated by any scheme of voluntary separation as mutually agreed between the employer and employees.
Coming to the termination of employment by dismissal, as a student of Law, you know well that the stigma attached to this mode of termination, not only deprives the employee of his terminal benefits but also affects his employability elsewhere. The fairness or unfairness of unilateral termination of other sorts by the employer depends mostly upon the restrictive provisions of the Employment Laws of the country and the genuinity of the reasons antecedent to the termination and the compensation package given to the employees affected by this.