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The video discusses End User License Agreements (EULAs), highlighting that they often go unread despite being a standard component of software. While typically seen as legal jargon, EULAs serve as contracts that outline restrictions on software use. Initially introduced in the 1980s to prevent unauthorized copying, EULAs have since evolved into complex documents that users frequently agree to without comprehension. The speaker emphasizes the growing complexity of these agreements and questions their practicality, given that very few people actually read them before clicking "agree."