A contractual arrangement between a parent company and an individual or firm that allows the individual or firm to operate a certain type of business under an established name and according to specific rules is called:

Question

Quizplus · Accepted Answer

The given definition matches the concept of franchising, which allows the franchisee (individual or firm) to operate a business using the parent company's established name, products, and procedures in exchange for fees or royalties.

A Contractual Arrangement Between a Parent Company and an Individual