Definition of license:
a legal document giving official permission to do something, a permit
; the legal terms under which a person is allowed to use a product, especially software
"even if you bought this product, it does NOT belong to you. You have a license to use it under the terms of this agreement, until you breach this agreement."
the act of giving a formal (usually written) authorization; authorize officially
"it was decided to license Wikipedia under the GFDL."