Licensing agreements are usually kept top secret for business reasons. That is, until one company (allegedly) breaches the agreement and then goes bankrupt. At that point the court system takes over and the dirty laundry become public. That is exactly what happened when 4Kids got Yu-Gi-Oh! from TV Tokyo.
The upshot of the fighting is that anime fans get a backstage pass to see what an important license contract says. The language of this contract helps explain why, how, and in what form anime is released outside of Japan. Here I’ll discuss form, namely why 4Kids had the right to butcher Yu-Gi-Oh!. The short answer: TV Tokyo said they could.
