Enable Terms and Conditions checkbox on the Checkout page
To enable Terms and Conditions checkbox on the Checkout page first navigate to WooCommerce > Settings > Click on Advanced tab
Once you create a page (or may be you already have), declare the page in WooCommerce settings as a terms & conditions for WooCommerce products.
Final Output:
Edit Privacy Policy or Terms and Conditions text
If you want to edit "Privacy Policy" or "Terms and conditions" text on the Checkout pages, follow these instructions given below -
Step 1: Navigate to Appearance > Customize > WooCommerce > Checkout > Edit the Privacy policy/Terms and conditions text as showing below
Step 2: Edit the text according to your requirement & click "Publish" button to save the new content.
Step 3: After publish you will see the Final Output here with new content.