"law trumps contract and overrules the EULA"

Err, not necessarily. In most legal systems you can renounce a series of rights granted you by law thanks to a contract. That is definetely the case for liabillity rules. However, the extent to which you can waive your right to sue for liability varies from legal system to legal system and depending on the liability's subject matter. In Europe, most producter's liability for defective products can't be waived. I'm not sure how things go in the US regarding that matter.