PRINCIPLE: Licence is an agreement whereby the owner of the copyright agrees to grant an interest in the copyright to the licence. Assignment is an agreement whereby the owner of the copyright transfers all the property rights to the assignee. Property right is a bundle of rights consisting of right to possess, right to use, right to alienate and the right to exclude others. FACTS: A, an owner of copyright in a cinematographic film enters into an agreement with B, a film distributor. B agrees to distribute the film only in Mumbai. A also enters into many such agreements with other distributors for distribution of his film in other cities.