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When you have your first face-to-face meeting with the franchisor, or 10 days before you sign the franchise agreement or pay money, the franchise laws state that you will get a copy of a document called a UFOC. Item 11 in this document spells out the details of your franchise agreement. It will also include details about training and required equipment purchases.
In general, the franchise agreement outlines your obligations and the standards of operation you are required to uphold. Remember, a franchise's success is partially dependent on expectations customers have based on other franchises they have visited. The franchise agreement also specifies what will happen if something goes wrong (for example, it will outline the timeframes of any notice the company has to give you if you're failing to meet your obligations).