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What does the “Content licence” section of the User Agreement mean?

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What does the “Content licence” section of the User Agreement mean?

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A. This section is necessary in order for eBay to accept, store and use your content on the site. Since hosting content on a web site involves copying, eBay needs your permission to store such material on our servers in order to comply with laws on “intellectual property”. Intellectual property allows people to own their creativity and innovation in the same way that they can own physical property. One example of intellectual property is copyright.

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