Can we make licensing lingo fun? Well... We can sure try! 1. Intellectual Property (IP): It's like your brain's garden. The flowers, veggies, and trees you grow there are yours. Some plants (like patents) eventually die off, but others (like trademarks) can live forever if you take care of them. 2. License: Think of it as lending your favorite toy to a friend. You still own it, but you're letting them play with it for a while. 3. Licensor: You're the kid with the cool toy, deciding who gets to play with it and when. 4. Licensee: This is your buddy who's borrowing your toy. They get to use it, but they've got to follow your rules. 5. Royalty: It's like your friend giving you a piece of their candy every time they play with your toy. The more they play, the more candy you get! 6. Exclusive License: Imagine you're the only kid in town with a treehouse. An exclusive license is like letting just one friend use it. 7. Non-Exclusive License: This is more like a public playground. Lots of kids can come and play on the swings at the same time. 8. Sublicensing: It's like if your friend who borrowed your toy lets their little sister play with it too. They're passing on the permission you gave them. 9. Territory: Think of it as drawing a chalk circle on the sidewalk. Your friend can play with your toy, but only inside that circle. 10. Term: It's like a sandcastle at the beach. You can play with it, but when the tide comes in (time's up), it's gone. 11. Trademark: This is like your signature dance move. When people see it, they know it's you! 12. Copyright: Imagine you drew a super cool picture. Copyright is like a magic shield that stops others from copying it without asking. 13. Patent: It's like having the only recipe for the world's best cookies. You'll share how to make them, but nobody else can sell those exact cookies for a while. 14. Fair Use: This is like being allowed to hum a few notes of a song without getting in trouble. You can use a tiny bit, but not the whole thing.