You are corporate counsel for Culvers, the fast food chain. Today the company actually owns and operates very few of the restaurants that bear its name. Culvers licenses its intellectual property to others, a process known as franchising. A great deal of legal work goes into creating, maintaining and enforcing Culvers’ licensing agreements with the people who are using its intellectual property. http://archive.jsonline.com/business/104192499.html Now we are going back in time—to the period when the Culvers company had only company-owned restaurants. The board decided to start franchising. You have been put in charge of drafting all of the franchise documentation and agreements. Yikes! 10 points each 1. Why would the Culvers company decide to franchise. (1) List and explain at least two benefits that might come from it; (2) list and explain at least two risks. 1a. b. 2a. b. 2. What are the three most important Culver assets that you will seek to protect in the franchising agreement? (10 points). a. b. c. 3. Duration and Renewal. (a) What should be the initial duration (term) of the contract; and (2) how will renewal be handled? 4. Royalty. Franchisees don’t get access to Culver’s valuable assets without paying for it. You want to make money for the company, but you must balance that with the need of your franchisees to also make money running a restaurant with your company’s name on it. How would you structure your royalties to address both needs? 5. Breach and Remedies. Your franchising agreement contains all kinds of language restricting the franchisee to only authorized uses of the assets your company owns. Sometimes a franchisee violates the agreement. https://www.nytimes.com/1981/08/28/business/mcdonald-s-in-a-license-fight-in-paris.html How will your agreement deal with v