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"How could they limit this?"

Technically or morally/legally?

Technically when the game is used it would be registered to a licensee and then be non transferable in the ULEA the users clicks through. Trading the disc is useless if it's permanently node locked to a console.

I'm not sure if 1st use doctrine applies to games as it does to music & video media. It seems it does not apply to foreign sourced material and the publishers may exploit that for games FAIK:
http://www.brdwlaw.com/blog/2011/08/first-use-doctrine-does-...

Consumers who are ok with non tangible media will suffer increasing restrictions compared to the past (anyone miss their Atari cartridges & being able to trade them? Only the irrelevant generation of users like me).
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