Okay so I have not been able to locate this in Kobo terms just yet, but here goes for Amazon and Kindle :
Quote:
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Upon your download of Kindle Content and payment of any applicable fees (including applicable taxes), the Content Provider grants you a non-exclusive right to view, use, and display such Kindle Content an unlimited number of times, solely on the Kindle or a Reading Application or as otherwise permitted as part of the Service, solely on the number of Kindles or Supported Devices specified in the Kindle Store, and solely for your personal, non-commercial use. Kindle Content is licensed, not sold, to you by the Content Provider. The Content Provider may include additional terms for use within its Kindle Content. Those terms will also apply, but this Agreement will govern in the event of a conflict. Some Kindle Content, such as Periodicals, may not be available to you through Reading Applications.
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Source
http://www.amazon.com/gp/help/custom...deId=201014950
(Paragraph 1.1 Use of Kindle Content)
Mark the bold text. AFAIK this is the same for most ebooks sellers.