Question

__________ is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory in a specified manner.

Answer 1

Franchise

Step-by-step explanation:

This is a business arrangement where the owner of a successful business gives the right (through special business and legal arrangement) to another, to run such business in a specified location using his brand name in accordance with agreed terms and conditions. Under this arrangement, technical support and training are always provided by the franchiser.

The franchisor charges the franchisee a fee for the right which in most cases is periodic. The franchise is renewable.