 There are five exclusive rights that copyright owners enjoy, and three major restrictions on the bundle. The five rights are: the right to reproduce the work, the right to adapt it or derive other works from it, the right to distribute copies of the work, the right to display the work publicly, and the right to perform it publicly. Under U.S. copyright law, each of these rights may be individually parsed out and sold separately by the copyright owner. All five rights lapse after the lifetime of the author plus 70 years—or in the case of works for hire, the term is set at 95 years from publication or 120 years from creation, whichever comes first. Aside from limited duration (17 U.S.C. §302), the rules of fair use (17 U.S.C. §107) and first sale (17 U.S.C. §109(a)) also restrict the rights of copyright owners. Although the notion of “fair use” is notoriously hard to spell out, it is a generally recognized principle of Anglo-American copyright law that allows anyone to make limited use of another’s copyrighted work for such purposes as criticism, comment, news reporting, teaching, scholarship, and research. For example, fair use would cover a student using short quotes of copyrighted material for academic purposes. The “first sale” rule prevents a copyright holder who has sold copies of a protected work from later interfering with the subsequent sale of those copies. For example, a copyright holder could not place, as a condition of sale, that the work in question never be given to a library or thrift shop. In short, the owners of copies can do what they like with their property, short of violating the copyrights mentioned above.