It follows that either an employer or an employee in an at-will relationship may propose to change the terms of their employment relationship at any time.

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When my manager and I went into a conference room to negotiate a new salary in April of 2013, I believe that Serco and I went into those negotiations as equal parties with equal rights and privileges under the law.  I believe we went into the negotiations with an ongoing contractual relationship and that the relationship could be change in one of two ways. 
1. both parties come to an agreement on new terms or 2. either party could terminate employment.