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Licensing vs. Copyright law

Thjis topic was touched on several time in other threads but it has just
come up again on another list, and I would really like to try to get to
the "real" answer. Does anyone know of any case law or other rulings that
address the issue of which takes precedence - Copyright law or licences. 
The specific situation I am referring to here is does the First Sale
Doctrine of the copyright law (which I believe allows resale, loan,
rental, or other disposition of legally-acquired copyrighted materials),
take precedence over a license agreement: a) Always, b) never, c) it
depends??? 

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