What is the test for fair use in copyright law?

MultiRegion, United States of America

The following excerpt is from Swatch Grp. Mgmt. Servs. Ltd. v. Bloomberg L.P., Docket No. 12-2412-cv, Docket No. 12-2645-cv (2nd Cir. 2014):

To evaluate whether a particular use qualifies as "fair use," we must engage in "an open-ended and context-sensitive inquiry." Blanch v. Koons, 467 F.3d 244, 251 (2d Cir. 2006). The Copyright Act directs that, in determining whether a particular use is fair, "the factors to be considered shall include":

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