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In the modern software landscape, End User License Agreements (EULAs) are a standard component, despite most users clicking "agree" without reading them. These agreements serve as contracts, detailing restrictions on software use, primarily established to prevent unauthorized copying. While the first EULAs emerged in the 1980s, they have expanded significantly over time, becoming complex and lengthy documents. The speaker highlights the lack of engagement from users, questioning the effectiveness and necessity of EULAs in their current form.