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Creative Commons and the First Sale Doctrine

To all my readers, Happy New Year!

Over at Open Content, David Wiley has a fascinating legal puzzle for us to ponder: does the First Sale doctrine undermine the Creative Commons licensing system? I suspect the answer is no from a practical basis because the First Sale doctrine only applies to individual copies of works. But I hope the folks at the Volokh Conspiracy or Crooked Timber take it up.