Oh and here's the relevant sections from the Just Cause 2 EULA:
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2. Non-Exclusive Licence
For so long as you are in compliance with the provisions of this EULA, you are permitted to:
-snip-
(c) transfer the Software Product (complete with all components and documentation) and the benefit of this EULA to another person provided such person has agreed to accept the terms of this EULA and you contemporaneously transfer any permitted copies of the Software Product you may have made to that person or destroy all copies not transferred. If any transferee does not accept such terms then this EULA shall automatically terminate. Upon such transfer, you undertake to delete this Software Product from your computer and the licence granted to you under this EULA shall automatically and immediately terminate.
3. Restrictions
You are not permitted:
-snip-
(b) except as expressly permitted by this EULA and save and to the extent in the circumstances expressly permitted by applicable law, to rent, lease, sub-licence, loan, exploit for profit or gain, copy, modify, adapt, merge, translate, reverse engineer, decompile, disassemble or create derivative works based on the whole or any part of the Software Product or use, reproduce, distribute, translate, broadcast, publicly perform, store in a retrieval system or otherwise deal in the Software Product or any part thereof in any way.
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I am no legal expert but it reads to me as I can completely transfer the product to another person but I cannot loan it to them. So giving the game completely to another person is not piracy as even the games own EULA confirms this..... The dumb thing is that if I give the game completely to someone else what's to stop them giving it back to me sometime later, in again, an acceptable transfer as above.
But again this is the game EULA which I am not breaking just I assume Steam's EULA because it is linked to my account and I can't transfer it. I suppose it will just have to wait until it gets tested in court.
Effectively it's a mess....