The Pélican studio grants Jouéco, for five years and for France and Belgium only, a distinct licence allowing it to reproduce a cartoon character on plush toys. The contract does not mention Pélican's future activities; however, as for all its characters, Pélican produces new episodes featuring the character every year, publishes its broadcasting schedule and promotes it. The popularity of the plush toys largely depends on these episodes, which transfer no good or service to Jouéco (case data). The consideration is a royalty of 7% of plush toy sales. Write a memo analysing the nature of the licence and the pattern of recognition of the royalty.