There are a number of characteristics that are distinguished by franchises. Which of the following is not one of these characteristics?
I. The franchiser owns a trade or service mark and licenses it to a franchisee in return for royalty payments.
II. The franchisee does not have to pay for the franchiser's name.
III. The franchisee pays for the right to be part of the system.
IV. The franchiser provides its franchisees with a system for doing business.
[A]Only (II) above
[B]Only (IV) above
[C]Both (I) and (III) above
[D](I), (III) and (IV) above
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