What Is the Key Difference Between Licensing and Franchising

What is the key difference between licensing and franchising?

A) Licensing involves the payment of a fee for the use of a firm's intellectual property, whereas franchising provides the right to undertake business in a specified manner in return for a royalty payment.
B) Licensing involves the arrangements for manufacturing a firm's products, whereas franchising involves arrangements for marketing the products.
C) Licensing involves a payment for the use of a firm's intellectual property, whereas franchising deals with the operating details of how the intellectual property is used by another company.
D) Licensing involves arrangements for producing and marketing a brand, whereas franchising involves arrangements for distributing the brand.
E) There is no real difference between licensing and franchising.