A(n) ________ is established when one party licenses another party to use the first party's trade name, trademarks, commercial symbols, patents, copyrights, and other property in the distribution and selling of goods and services.

Question

Quizplus · Accepted Answer

The definition given in the question describes a franchise agreement where one party (the franchisor) licenses their intellectual property to another party (the franchisee) for use in the selling of goods and services. This allows the franchisee to operate under the established brand and business model of the franchisor while paying fees and following certain guidelines. A proprietorship is a business owned by one person, a general partnership is a business owned by two or more people, and an implicit contract is an agreement that is not explicitly stated but is implicitly understood. None of these fully fit the definition of the given question.

A(n) ________ Is Established When One Party Licenses Another Party