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Music rips

Discussion:
I've been sharing music cd rips with 3 friends. Could anyone tell me if this falls within "fair use", or is legal under current copyright law?
Answer:
That is not considered fair use.
Answer:
Is it legal?
Answer:
Define the word "sharing".
Answer:
Trading rips of various CDs. When we get together, we give the other guy the new CDs we bought.
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