This will vary by vendor and the type of license the University Library purchased for the ebook, but many titles can be downloaded in part or in whole.
The book's webpage will specify when material can be downloaded by using phrases such as "View and download full book (PDF)" or "Download Chapter."
Certain titles can be downloaded but only viewable with Adobe Digital Editions, which prevents printing.
All of this is due to copyright, and every item may have a different copyright attached.