Content Summary : INTRODUCTION A Franchise is a Creature of Contract The archetypical franchise offers an entrepreneurial-minded person an opportunity to own his or her own business while becoming part of a larger system that will provide instant market acceptance and greatly simplify the process of starting up a new business. But what is this new business? What is it that the franchisee owns? A franchise is a creature of contract; it is defined by the franchise agreement. The extent of the franchisee's "ownership" interest in the franchise is defined in particular by the provisions dealing with the scope of the grant, transfers, termination and renewal. Franchises come in endless varieties. One franchise may be granted for a fixed term at a specific location with a requirement that the franchisee surrender the premises to the franchisor upon termination, and have no renewal rights. Another may allow the franchisee to continue in business after the expiration or termination of the agreement at the same location under a different name and identity.