Conversion franchising occurs when Two franchises share a common location or resource. Exclusive rights are given to open franchisee-operated units within specific areas. Individual or organization is allowed to buy the right to sub-franchise within a defined geographic territory. An existing stand-alone business becomes part of a franchise operation. In the legal aspect of franchising, FTC stands for: Fair Trade Commission Federal Trade Commission Fixed Term Contract Fair Trade Certificate The legal contract between the parties in a franchise is known as Partnership agreement Business deal Franchise agreement Franchise disclosure document Why the decision to go global is more complex than domestic franchising? Ethnic, cultural and religious diversity. Differences in governing laws and customs. All of the above None of the above Product uniqueness, cost reduction and focus on target customers are some of the main components of: Schumpeter's Sources of Opportunity Timon's Business Opportunity Porter's Generic Strategies Triadic model of entrepreneurial learning