Question

A contractual arrangement in which one entity grants the purchaser the exclusive right to use the tradename, formulas, and product rights within a specific geographic area for a specific period of time is called a_________.

Answer 1

Answer:

franchise

Explanation:

A franchise is a type of license or a contractual agreement that grants all in your question. There is usually a franchisee (the one who purchases the right) and franchisor(the owner of the rights).

An example is the mcDonalds franchise. You can buy the exclusive rights to set up on in your geographical area for a specific period of time. If successful, you can use the trademarks, formulars, menus, logos e.t.c.