Final answer:
A contractual arrangement under which one party grants another party the exclusive right to use a trademark or tradename is a franchise.
option c is the correct
Step-by-step explanation:
A contractual arrangement under which one party grants another party the exclusive right to use a trademark or tradename is a franchise.
A franchise is a business model where a franchisor (the owner of the trademark or tradename) grants the franchisee (another party) the right to operate a business using their brand identity and business system. The franchisee usually pays fees or royalties to the franchisor in exchange for this exclusive right.
For example, McDonald's is a well-known franchise where the franchisor grants the franchisee the right to operate a fast-food restaurant using the McDonald's brand, menu, and operating system.