A default text is shown as your Terms and Conditions
You can also use a different text here by following these steps:
Add custom text for terms and conditions
Click manage next to Terms and conditions under Settings→ General → Policy
Click 'Manage' next to Terms & Conditions
Type in your Custom Terms and Conditions and save the text.
Custom Terms & Conditions will be reflected on your website:
To go back to the default terms and conditions, simply delete the custom text and save