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I recently came across this license agreement on software:

Personal Use License

The content owner grants the buyer a non-exclusive, perpetual, personal use license to view, download, display, and copy the content, subject to the following restrictions:

The content is licensed for personal use only, not commercial use. The content may not be used in any way whatsoever in which you charge money, collect fees, or receive any form of remuneration. The content may not be resold, relicensed, sub-licensed, rented, leased, or used in advertising.

Title and ownership, and all rights now and in the future, of and for the content remain exclusively with the content owner.

There are no warranties, express or implied. The content is provided 'as is.'

Neither the content owner, payment processing service, nor hosting service will be liable for any third party claims or incidental, consequential, or other damages arising out of this license or the buyer's use of the content.

The first sentence contains the following:

license to view, download, display, and copy the content

It does not mention anything about modifications. Is modification legal in this case? Does it violate the license if a modified version is distributed with the same license?

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Modifying a copyrighted work is creating a derivative work. This must be granted by the copyright holder (see here), which seems not to be the case in the license that you quote.

But attention: copyright law is a complex matter. Moreover it's not universal, but country dependent. So if your question is business related, you'd better consult a lawyer or a qualified legal advisor in your jurisdiction.

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