Is there a max limit to memory which can be assigned to a VM specified in license? If so where can I find this information.
you will probably reach your vRAM limit before you reach your configuration maximum on RAM per guest (1TB). The license file won't say what that configuration maximum is, but you can find it below
http://www.vmware.com/pdf/vsphere5/r50/vsphere-50-configuration-maximums.pdf
