Describe Foreign Licensing and Foreign Franchising

question 23

Essay

Describe foreign licensing and foreign franchising. What are the similarities and the differences between them? What are their benefits and challenges? Give an example of at least one company for each.

Describe the parol evidence rule and its exceptions.

Recognize the significance of integrated contracts and the use of merger clauses.

Understand the conditions under which a contract becomes personal and how it affects the assignability of the contract.

Distinguish between intended and incidental beneficiaries and their rights.

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Definitions:

Average Total Cost

The total cost divided by the quantity of output produced, indicating the average cost per unit of output.

Total Cost

The complete cost of production for a business, including both fixed and variable costs.

Average Total Cost

The total cost of production divided by the number of units produced, representing the cost per unit of goods or services.

Average Total Cost

The sum of all production expenses (both constant and changeable) divided by the total amount of products made.