Final answer:
A licensing agreement is a commercial relationship that allows a business to legally use a trademark owned by another entity.
Step-by-step explanation:
The term for a legal and commercial relationship between the owner of a trademark and an individual or group wishing to use that identification in a business is a licensing agreement. A trademark is a symbol, word, or words legally registered or established by use as representing a company or product. When a business wants to use another company's trademark, they must enter a licensing agreement, which allows them to legally use the trademark in exchange for some form of compensation, usually financial. This is part of the broader field of intellectual property law, which also includes patents, copyrights, and trade secret laws to protect ownership over ideas, concepts, or images.