EULAs also suck because you can't read them until you've bought, opened, and started installing the game. So if I read it and don't like the terms...then what? The store won't take it back because its opened. I've never tried it, but I highly doubt the publisher will take it back and give me my money.
EULAs are interesting from a legal perspective because they're unilateral contracts which functionally involve three parties. A lot of people claim that they don't hold up at all, which is basically false. If you click "Yes, I agree" on a EULA you're generally hosed - you've legally agreed to the contract. The interesting part comes in where you can't see the terms before purchase.
There are two main reasons I've heard that people argue make EULA null. The first being - depending on where you live - the EULA may (and probably does) go beyond local copyright laws, possibly infringing upon consumer protection laws and rights such as First Sale. This is probably the main gray area as I've head of suits ending up going both ways. It's so iffy because there is precedence for contractual agreements being upheld even though they superseded legal rights (for instance, you can often sign away your legal right to overtime for extra hours worked as long as it is a voluntary agreement not under undue stress or duress), but they can't contradict the law (if a contract is deemed to pertain to something illegal it is automatically non-binding). As such the context and nature of the violation of the EULA is probably pretty important. Most of the cases I've head of where EULAs were deemed non-binding have tended to be cases where they forbid resale rather than modifying or copying code; basically, cases where the EULA violation deals with what you do with the physical copy rather than one it consists of. Remember, once you agree to the EULA you're fucked, so if you install something and it can be proved, you're pretty much hosed.
The second reason I've heard people argue is that they're non-binding because you can't agree to them before purchase. This isn't entirely true. As before, (and generally this is what makes all the difference in the world) - if you agree to it you're locked in. But what happens if you take the shrink wrap off, try to install and don't agree? Well, your ass
should be covered, although it's probably a pain. The easiest way is to go back to the reseller and demand a return and refund, hopefully they will go for it, but they have no legal obligation to do so. Being a third party (hence reseller) your contract with them is different; every purchase you make is a contract and has the same stages as any contract negotiation; initial offer, negotiation of terms, acceptance, and transaction (this part is fuzzy and I may be missing something or unnecessarily adding something). Again, it's fuzzy but there the legal precedence for how this breaks down when purchasing a product from a store goes something like:
Initial offer - price on the product
Negotiation of terms - you bring the product up to the till, they ring it through and the price comes up
Acceptance - (on the part of the buyer) They see and agree on the price in the system, and ask for your money. You offer it.
Transaction - They take your money (up until this point they can still deny sale), give you the item, and you walk out.
Yeah, something is kind of messed there, but that's pretty much the summary of it. The part that matters is that at the acceptance or negotiation phases you have a chance to find out about their return policies and if you don't like them, you don't buy the product. Don't like them but buy the product anyways? Screwed. Don't ask, find out you don't like them later? Most likely screwed because the onus is on each individual in a contract agreement to demand clarity of terms. 100% disclosure is not necessary (actually, it's a bit more complicated than this, but for the purposes of what we're talking about that doesn't matter because we're assuming everything is legit). So, if you buy some software, don't agree to the EULA and try to return it at the store, they don't have to take it if their policy is not to once the shrink wrap is off and they never agreed to do so. Where I think you might have some chance though, and I could be completely wrong on this, is non-disclosure of additional agreements ( you can't use this unless you agree to another contract). That could be wrong though, and it also could be correct but only apply to the manufacturer rather than the reseller. I don't know if they even have warnings about EULAs on packages...I've never checked.
So where does that leave you? Well, assuming you don't agree to the EULA, you don't agree to that contract. The reseller has no legal obligation to refund your money but the manufacturer does I believe. I'm fairly certain that as long as you have all the proper paperwork you can contact them and demand they take their product back for a refund as you don't agree to the terms of their license agreement. If it's anything like any other type of unilateral contract they pretty much have to or else it's duress of goods...which voids the contract you refuse to agree with in the first place.
The main thing is (again) agreeing to the EULA makes it legally binding (again, unless you have all the paper work to prove that you disagreed, asked for a refund, claimed duress of goods and were still denied a refund). But, in the end, like pretty much everything else in contract law it all comes down to who kept the best paperwork and the judge.
All that aside, I can see where they're coming from with EULAs in some cases (rarely gaming software), but yeah - they're generally still bullshit. I don't agree with the premise that you're licensing a product instead of buying it.