Now, you can always link to Hulu in your browser and direct your visitors to Hulu. Hulu as the (C) holder can then decide if you're geographically suitable to recieve this content.
How about building a proxy webpage that provides access to Hulu (let's call it EU-Hulu)? We'll build a complete Hulu clone that works in EU by tunneling video streams via VPN to our page and stream them from our web video players.
I don't think that adding attribuition (ie providing a "THIS CONTENT IS FROM HULU" and their logo) to the page would solve our legal problems. If anybody can confirm that this is in fact legal, I know what I'll be developing in the near future: EU-HULU, EU-Spotify, EU-...
Copyright law is very very very strict. If it's not explicitely stated it's forbidden. Even by taking code from a pastie repository, where it's clearly made public, you're braking the authors Copyright unless he specifies Licensing terms that allows you to copy paste it into your app. Source code for all closed source software could be made public and that doesn't mean you're allowed to use it in any way.
To go even further - Hulu, while it openly shares video content to US citizens is unavailable to the rest of the world. We all know that you can bypass the limitation by employing VPN, but you're breaking the Copyright law nontheless. It's their choice if they want to limit access to their copyrighted materials.
If OP built a Web browser clone, he would be in the clear. He instead took data from the webpage, mangled it into his own app and sold it for 0.99$. Now while I do not agree with the tactics employed by the school (they should embrace it instead), image we would be talking about Wikipedia and 6.99$ BestEncyclopedia app, developed by Apple, which downloads the data and presents it a very nice way (they'd call it Cylopedia-Flow with huge images and Helvetica all the way).
Right now you'd be very pissed at Apple.