Here are some excerpts:
2. Permitted License Uses and Restrictions.
A. Standard and Preinstalled Apple Software License. Subject to the terms and conditions of this License,unless you obtained the Apple Software from the Mac App Store or under a volume license, maintenance orother written agreement from Apple, you are granted a limited, non-exclusive license to install, use and runone (1) copy of the Apple Software on a single Apple-branded computer at any one time. For example, thesestandard single-copy license terms apply to you if you obtained the Apple Software preinstalled on Apple-branded hardware.
B. License from Mac App Store. If you obtained a license for the Apple Software from the Mac App Store,then subject to the terms and conditions of this License and as permitted by the Mac App Store Usage Rulesset forth in the App Store Terms and Conditions (http://www.apple.com/legal/itunes/ww/) (“Usage Rules”), youare granted a limited, non-transferable, non-exclusive license:
ℹ to download, install, use and run for personal, non-commercial use, one (1) copy of the AppleSoftware directly on each Apple-branded computer running Mac OS X Snow Leopard or Mac OS XSnow Leopard Server (“Mac Computer”) that you own or control;
and:
3. Transfer.
A. If you obtained the Apple Software preinstalled on Apple-branded hardware, you may make a one-timepermanent transfer of all of your license rights to the Apple Software (in its original form as provided byApple) to another party, provided that: â„ą the Apple Software is transferred together with your Apple-brandedhardware; (ii) the transfer must include all of the Apple Software, including all its component parts, printedmaterials and this License; (iii) you do not retain any copies of the Apple Software, full or partial, includingcopies stored on a computer or other storage device; and (iv) the party receiving the Apple Software readsand agrees to accept the terms and conditions of this License. For purposes of this License, if Appleprovides an update (e.g., version 10.7 to 10.7.1) to the Apple Software, the update is considered part of theApple Software and may not be transferred separately from the pre-update version of the Apple Software.
B. If you obtained your license to the Apple Software from the Mac App Store, it is not transferable. If yousell your Apple-branded hardware to a third party, you must remove the Apple Software from the Apple-branded hardware before doing so, and you may restore your system to the version of the Apple operatingsystem software that originally came with your Apple hardware (the “Original Apple OS”) and permanentlytransfer the Original Apple OS together with your Apple hardware, provided that: ℹ the transfer must includeall of the Original Apple OS, including all its component parts, printed materials and its license; (ii) you do notretain any copies of the Original Apple OS, full or partial, including copies stored on a computer or otherstorage device; and (iii) the party receiving the Original Apple OS reads and agrees to accept the terms andconditions of the Original Apple OS license.
Here is the link to the download page - just click on OS X Lion:
http://www.apple.com/legal/sla/