Transactions in the twenty-first century are no longer restricted to just transactions of goods. The digital age has brought with it a boom in transactions in information, and licensing of information assets is often seen as the best way to permit and control the use of the information in question by mutual agreement. However, given the rapidity of technological advances and the corresponding changes in the nature of licensing transactions, an economy is not best served by a static legal system that continues to treat information licensing in the same manner as a hire, rent or lease of goods. This article therefore examines the nature of licences as well as the market and legal rationales behind licensing in an effort to depict the impact of these transactions and the importance of having dynamic legal systems enforcing and protecting them.