Terms and Conditions is in the Help area and can be found at
Edit Templates/Help
Some of the help templates, like business.tpl get their text from languages. This one has {$lng.txt_privacy_statement} in the help file.
In this case just do a search for the word privacy in the languages/text for this text.
Sometimes it's easier for me to show people things rather than try to explain it in writing so hope this helps.
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