Currently Being ModeratedJul 7, 2012 8:20 AM (in response to Michelle Swanson)
ibooks (and other content) are tied to your account, and there isn't currently a way to lend (or copy/transfer) them to another account - so unless your friend has access to your account then no, you can't lend it.
Currently Being ModeratedMar 27, 2013 11:50 AM (in response to Michelle Swanson)
I was hoping this was possible, too.
I have just been using the Kindle App instead of iBooks all this time and this is one reason. You can lend books thru the Amazon Site that you have purchased or downloaded, but you only get one loan per book and it's 14 days only. Still great for those who like to swap and it would be nice if iBooks had that option. Since they don't I'll continue to use Kindle/Amazon for books instead.