EA could put
'By buying and playing this game, you agree to give all of your possessions to EA, and will willingly lay down your life in defence of EA if needed.'
In their EULA and people would agree to it without reading. Wouldn't mean a thing.
In this case, if it was prominently noted on the box that you were just licensing it, then it would be legal. If it is in small print on the box, or in an EULA that you need to buy the game to see, then it would not hold up in court
Edit - Australian law, I have no idea about the USA