Asked by Thomas Nguyen on Feb 18, 2024
Verified
A franchise is a type of license purchased by a franchisee from a franchisor to allow them to trade under the name of that business.
Franchise
A type of license purchased by a franchisee from an existing business called a franchisor to allow them to trade under the name of that business.
- Recognizing the relationship between a franchisor and a franchisee.
- Identifying the legal and financial aspects involved in purchasing a franchise license.
- Understanding the concept of franchising and its role in business operations.
Verified Answer
BB
Basem Barakat
Feb 18, 2024
Final Answer :
True
Explanation :
This is the standard definition of a franchise.
Learning Objectives
- Recognizing the relationship between a franchisor and a franchisee.
- Identifying the legal and financial aspects involved in purchasing a franchise license.
- Understanding the concept of franchising and its role in business operations.
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