It’s basically an ongoing contract between Mythic and the players, and helps Mythic cover their butts in case of a lawsuit or for protection against gold-farmers.
That’s right — if you hate gold farming and exploiting in MMOs, the EUALA is one of the key lines of defense against such idiots. In 2002, a group of gold farmers called Blacksnow actually sued Mythic for trying to prevent the farming and selling of in-game property. Let me say this again: Mythic was trying to reduce the number of nimrods gold farming, and the gold farmers in question SUED Mythic because their livelihood was threatened. It’s a fascinating case, yadda yadda, but Dark Age of Camelot’s EUALA was a part of Mythic’s defense, and they’re not about to give that up just because it takes a few seconds to scroll down a screen.