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 that gives someone permission to use a particular product or service. In this case, it's a license to use McDonald's trademarks, copyrights, and know-how to run a fast-food restaurant in Ontario for the next five years. A royalty is a payment made by one party to another for the use of their intellectual property, which is not mentioned in this scenario. IPR stands for intellectual property rights, which is a broader term encompassing copyrights, patents, trademarks, and trade secrets, but it's not a purchase made by the Smiths in this case.

Lindsey and Martin Smith of Ontario, Canada, Have Paid McDonald's