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What is shareware?

What is shareware? Here are some definitions.

Noun
  1. (software) A type of software that is distributed without payment but is limited in any combination of functionality, availability, or convenience.
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I was recently downloaded and installed a shareware program which encodes audio and video multimedia files.
What may at first appear to be shareware or legitimate licensed software can, unfortunately, often turn out to not be so.
The course is based on freeware and shareware software that can be used on second-hand machines.
There are commercial products, shareware, freeware, open source, and even hardware products.
There are shareware programs that will generate tones of frequencies you specify.
Nor is shareware regularly updated in order to take account for changes in hard disk standards.

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