When a licensing agreement is made,
A)the licensee receives expertise from another company.
B)the licensee obtains permission from the government to do business in a foreign country.
C)the licensor is a foreign government which grants the license.
D)the licensor pays to receive assistance from the licensee.
E)the licensee receives expertise from its own company's in-house experts.

Question

Quizplus · Accepted Answer

A licensing agreement is an arrangement in which the owner of a product or process (the "licensor") allows another company (the "licensee") to use their intellectual property. This type of agreement typically involves the licensee receiving access to expertise, technology, or other valuable knowledge or resources from the licensor.

When a Licensing Agreement Is Made