This is a simple symptom-cause-solution blog entry only. I hope these blogs will help fellow administrators.
There is no license.bea, UpdateLicense.cmd or UpdateLicense.sh files in the BEA_HOME directory of WebLogic 10.3.
When Oracle bought BEA they decided to do away with this approach to licensing.
When you download WebLogic 10.3, you are getting the full version. That is, you do not need to do anything to fully enable the product. Although technically you do not need to do anything to use this product, legally you will need to purchase a license from Oracle. Contact an Oracle sales person for this.
Previous versions of WebLogic, including 10.0, have not been changed, so you still require the license.bea file for these.