No, you can not legally lend a friend a copy.
From EA's web site:
SERIAL CODE REGISTRATION IS LIMITED TO ONE EA/ORIGIN ACCOUNT PER SERIAL CODE. SERIAL CODE(S) ARE NON-TRANSFERABLE ONCE USED.
Additionally from the full Mass Effect 3 EULA (emphasis mine):
Through this purchase, you are acquiring and EA grants you a
personal, limited, non-exclusive license to install and use the Software
for your non-commercial use solely as set forth in this License and the
accompanying documentation. Your acquired rights are subject to your
compliance with this Agreement. Any commercial use is prohibited. You
are expressly prohibited from sub-licensing, renting, leasing or otherwise
distributing the Software or rights to use the Software.
Unlike a book, you don't legally have the ability to rent or loan (even free of charge) the game (even the physical copy) to a friend.
In addition, if you have a PC copy you're required to use Origin, and you have to use the origin account the game is registered to. This makes it much harder to "borrow" the PC copy of the game, but technically you can't legally borrow/lend a PS3/360 version.
Due to certain exemptions in the First Sale Doctrine it does appear that EA's EULA is valid, especially for Console video games.