What I've seen though - most of the licenses on eBay are VLK and MAK keys. One of the issues that would ultimately come up is that software retailers would then push for more licensing to be time limited and getting rid of perpetual licensing (which is already something most are moving towards anyways). I dont think they have really clearly addressed software licenses here in the US though. The US Supreme Court has made rulings on first sale doctrine but it applied to physical products. That being said I do not think the US has agreed or passed laws allowing it but in Europe they have and Microsoft (nor other companies) can do anything about it. While many if not most license agreements claim to disallow this there have been a number of court cases on it in both directions both here and in Europe where the courts have ruled that disallowing resale, denying support, etc violates certain anti-trust and free market laws regarding fair use. From what I've found looking at this a couple of years ago is that actually many are also surplus keys/licenses from companies gone bankrupt, upgraded, etc and there are companies that specialize in this market of locating and buying the licenses for resale.
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