Lindsey and Martin Smith of Ontario,Canada,have paid McDonald's a fee for limited permission to use its trademarks,copyrights,and know-how in running a fast-food restaurant in Ontario for the next five years.The Smiths have purchased a(n):

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The Smiths have purchased a license, which is a legal agreement where the owner of intellectual property (in this case, McDonald's trademarks, copyrights, and know-how) allows someone else (the Smiths) to use that property for a specific purpose (running a fast-food restaurant in Ontario) for a limited period (the next five years).

Lindsey and Martin Smith of Ontario,Canada,have Paid McDonald's a Fee