The Collaborative International Dictionary of English v.0.48:

Franchise \Fran"chise\ (? or ?; 277), n. [F., fr. franc, fem.
   franche, free. See Frank, a.]
   1. Exemption from constraint or oppression; freedom; liberty.
      [Obs.] --Spenser.
      [1913 Webster]

   2. (LAw) A particular privilege conferred by grant from a
      sovereign or a government, and vested in individuals; an
      immunity or exemption from ordinary jurisdiction; a
      constitutional or statutory right or privilege, esp. the
      right to vote.
      [1913 Webster]

            Election by universal suffrage, as modified by the
            Constitution, is the one crowning franchise of the
            American people.                      --W. H.
                                                  Seward.
      [1913 Webster]

   3. The district or jurisdiction to which a particular
      privilege extends; the limits of an immunity; hence, an
      asylum or sanctuary.
      [1913 Webster]

            Churches and mobasteries in Spain are franchises for
            criminals.                            --London
                                                  Encyc.
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   4. Magnanimity; generosity; liberality; frankness; nobility.
      "Franchise in woman." [Obs.] --Chaucer.
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   Elective franchise, the privilege or right of voting in an
      election of public officers.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Franchise \Fran"chise\, v. t. [imp. & p. p. Franchised; p. pr.
   & vb. n. Franchising.] [Cf. OF. franchir to free, F., to
   cross.]
   To make free; to enfranchise; to give liberty to. --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

franchise
    n 1: an authorization to sell a company's goods or services in a
         particular place
    2: a business established or operated under an authorization to
       sell or distribute a company's goods or services in a
       particular area [syn: franchise, dealership]
    3: a statutory right or privilege granted to a person or group
       by a government (especially the rights of citizenship and the
       right to vote) [syn: franchise, enfranchisement]
    v 1: grant a franchise to