When a licensing agreement is made:
A) the licensee receives expertise from another company.
B) the licensee obtains permission from the government to do business in a foreign country.
C) the licensor is a foreign government which grants the license.
D) the licensor pays to receive assistance from the licensee.
E) two of the above.

Question

Quizplus · Accepted Answer

A licensing agreement involves a licensor (the owner of a product or intellectual property) giving the licensee (the recipient of the license) permission to use or sell the product or IP in exchange for royalties or other compensation. As part of the agreement, the licensor may also provide the licensee with expertise or support related to the product or IP.

When a Licensing Agreement Is Made