wxWidgets is licensed under a modified LGPL License. This means I can sell it. But the original LGPL License forces me to release the source code. This is mentioned in the custom license in the library's page, but I haven't quite understood it. I'm not taking any risks, so can I use it for a close source commercial application?
Yes, you can. The LGPL aspects of the licence protect the library itself, i.e. you can't sell a modified version of the library without providing your changes under the original licence. It does not however affect the applications linking with the library.
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