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Contracts & Terms and conditions may have all kinds of stuff. They may not be enforceable.
Basically if you have a paper book, you can't make copies of it unless copyright has expired. You could of course privately loan it. Operating an actual library has rules that vary per country.
The equivalent with an ebook would be having ONLY ONE ereader, and loaning it privately. They'd have difficulty suing.
Copyright is about rights to the content. They have to prove a loss in court. So in practice if you buy an ebook, rather than a loan/borrow/subscription, you can't give a copy to any one else. Also in practice no-one can take it off you.
Amazon got into serious trouble for revoking ebooks that in fact they had no right to sell. In reality it was up to Amazon to pay any damages from copyright violation.
Ironically on Amazon UK when I go to a page of an ebook I have bought, it writes "You own this".
I do own the right to read it forever and eventually the copyright expires.
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