A contractual license to operate an individually owned business as a part of a larger chain is known as a/an ______.

Question

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A franchise is a type of license that a party (franchisee) acquires to allow them to have access to a business's (franchisor's) proprietary knowledge, processes, and trademarks in order to allow the party to sell a product or provide a service under the business's name.

A Contractual License to Operate an Individually Owned Business as a Part