Here's a quote directly from Microsoft when I asked them a year or so ago:

Thanks for your questions about how a technician should deal with the
EULA acceptance issue. You correctly observe that Microsoft intends
that the EULA be accepted by the end user and that as a practical
matter, technicians such as yourself regularly accept license agreements
while installing downloads, patches and updates. Your action in
"accepting" the EULA in this way would be treated differently depending
on the program under which your client is licensed.

If your client is licensed pursuant one of our volume licensing
programs, such as Microsoft Open, the EULA which is presented during the
installation process is superceded by the license terms in the volume
license agreement. Your action in "accepting" the license is a
technical step required to enable the software to install and does not
legally bind your client.

If your client is licensed under another license program, such as our
full package product or OEM license programs, you would want to be
acting on behalf of your client as part of the service that you provide.
We suggest that you make it clear to your clients in advance that you
will act as their agent to accept the terms of end user license
agreements as you install software. You could make this part of your
standard quote form, order sheet, or other paperwork that your client
receives before you begin the work. We also recommend that you inform
your clients when you are finished that you have accepted license terms
on their behalf and provide your clients with a copy of those terms.

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Link to this comment: http://www.securityfocus.com/comments/columns/257/27779#27779