There is a lot of regulations which involve licenses and certain restrictions which we have to follow. This means there is guidelines and specifications which we must listen to or else it could result in legal punishments or being fined. This means that assets such as characters and designs need to be considered because of copy right which protects a individual or group original work/idea. This means you can not copy images or sounds used in a game although their is ways around copy right. For example someone has made a similar game to PAC-man because their copy right did not protect the idea of a player controlling the character who eats dots in a maze game. They simply changed the colors and characters and made a game similar to PAC-man without breaking the law.
When creating a project for our college assignments it is important that we do not use other peoples work unless we reference the source. For instance for my 3D environment I created the assets and game my self, I didn't use anyone elses work. Although when doing writing work and using quotes, i must site where i got that information from so i do not get done for plagiarism.