Final answer:
The question likely refers to an exclusive dealing agreement which is legal when it encourages dealer competition but may be illegal if it limits market competition.
Step-by-step explanation:
An agreement granting exclusive right to buy, sell, or lease property at a given price within a stated period of time may refer to a patent or to an exclusive dealing agreement. A patent is a government rule that gives an inventor the exclusive legal right to make, use, or sell an invention for a limited time. However, it seems that the question may be referring to an exclusive dealing agreement. This type of agreement can be legal or illegal. It's legal if the contract encourages competition among dealers. Exclusive agreements can be found across various industries, such as automotive, where companies like the Ford Motor Company may sell only through Ford dealers. Yet, these agreements may sometimes limit competition, which can have an anticompetitive effect on the market when they create a monopoly-like scenario.