You're breaking the license agreement (licenses are tied to the hardware and die with the hardware) but there's no technical limitations, no.
Oh, wow. I did not somehow know that. What would entail if they were to enforce it? Do they even enforce this?
Not for consumers. Probably a big stick over the head if you tried this in a business. Get sued if you did this at a repair shop (pretty sure there's been several cases)
As I understand that restriction has been ruled invalid in the EU[1]. I don't know what the situation is in the US.
[1] Case C-128/11. European Court of Justice. USEDSOFT GmbH vs. ORACLE INTERNATIONAL CORP