______is a contractual arrangement in which one entity grants the purchaser the exclusive right to use the trade name, formulas, and product rights within a specific geographic area for a specific period of time
Explanation: Franchise is founded on commerce idea that can be followed by a company as a plan of action formulated to attain a long-term or overall objective for company growth and development. In this case, the company that holds a franchise for the sale of goods or undertaking of services makes a specific payment and accepts to fulfill specific responsibilities that are normally aimed at in a franchise treaty.
