No it doesn't. All contracts must be within the law. Of course depending on the decision of a court, in general you cannot sign away your rights under law (and that's for real signed contracts, not just shrink-wrap license quasi-contracts). For example, if your state has consumer protection laws, SAM's Club can't state as a condition of membership that you waive those rights.
Show me my signature on that contract.
The preratrators of the DMCA have made a serious fraud. They should be jailed. Then lynched.
You said: A contract is a binding agreement between two parties. It supersedes any law.
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That is demonstrably false. A contract to buy and sell illegal drugs does not supersed the drug laws. A contract for a paid Lewinsky doesn't supersede laws against prostitution. A contract to kill someone's spouse for money doesn't supersede laws against murder or conspiracy.