A layoff is a temporary stoppage of the employment relationship. This typically takes place in seasonal employment relationships, or where there is a shortage of work. In a layoff, the employee has an expectation of being called back to work in the future.
A termination represents the end of an employment relationship. Terminations can be for cause or without cause. When an employee is terminated without cause, they are entitled to reasonable notice of termination or payment in lieu of notice.