What do you call a license that allows you to sell a product for a specific number of years?

What do you call a license that allows you to sell a product for a specific number of years?

• A. Copyright
• B. Trademark
• C. Patent
• D. Franchise

Answer: (C)

A license that allows you to sell a product for a specific number of years is known as a franchise. A franchise agreement provides the franchisee (the person or business purchasing the franchise) the rights to sell the franchisor's products or services and to operate under the franchisor's brand name for a predetermined period. This relationship typically includes guidelines on how to conduct business, marketing strategies, and the use of the brand’s trademarks, which are key components of franchising. While a patent gives an inventor exclusive rights to manufacture, use, or sell their invention for a limited time, it does not pertain to selling products under a brand name. A copyright protects original works of authorship, like literature or artwork, but does not cover the right to sell products. A trademark serves to identify and protect brands but is not a license that specifies the right to sell a product for a set number of years. Thus, the franchise captures the essence of licensing for a defined term in connection to product sales effectively.

A license that allows you to sell a product for a specific number of years is known as a franchise. A franchise agreement provides the franchisee (the person or business purchasing the franchise) the rights to sell the franchisor's products or services and to operate under the franchisor's brand name for a predetermined period. This relationship typically includes guidelines on how to conduct business, marketing strategies, and the use of the brand’s trademarks, which are key components of franchising.

While a patent gives an inventor exclusive rights to manufacture, use, or sell their invention for a limited time, it does not pertain to selling products under a brand name. A copyright protects original works of authorship, like literature or artwork, but does not cover the right to sell products. A trademark serves to identify and protect brands but is not a license that specifies the right to sell a product for a set number of years. Thus, the franchise captures the essence of licensing for a defined term in connection to product sales effectively.