A font license is an authorization to download, install and use a font. When you place an order with Production Type, a fee is charged in correspondance to a agreement to use a font. This license agreement contains terms, hence the wrapper expression End User License Agreement or “EULA”.
In other words, you are not technically the owner of the font file, let alone the design of the typeface. You are given an authorization to use that font and reproduce the typeface.
A font is a piece of data and programmatic instructions that, bundled together, form a software. A typeface is a piece of design.