This is what the content of your TOS is at the moment.
You need to find this builtin page and write your own text. If Admin › Content › Site › TOS required is checked user will have to agree with TOS in order to place an order. What this option does is show a check box in the order preview page just before submitting with a check box and link next to it that opens this very page that you are reading at the moment. User has to accept your TOS to proceed with the order. You can choose not to have this option. If you uncheck Admin › Content › Site › TOS required the TOS builtin page will disappear and all the content you have made in it, so make sure you create a common page TOS and link it from the bottom or top menu. In this case you can not claim the user read it.
Terms of service (commonly abbreviated as TOS and also known as Terms of Use, Terms & Conditions) are rules which one must agree to abide by in order to use a service. Unless in violation of consumer protection laws, such terms are usually legally binding. Terms of Service can also be referred to as Terms of Use or sometimes merely a Disclaimer, especially regarding the use of websites.
Certain websites are noted for having carefully designed terms of service, particularly eBay and PayPal, which need to maintain a high level of community trust because of transactions involving money. Terms of service can cover a range of issues, including acceptable user behavior online, company's marketing policies, and copyright notices.
A TOS violation can result in myriad consequences towards those who are guilty depending on the service and the severity of the violation. Most organizations reserve the right to restrict a user's access to the service if they violate the terms in the agreement. In more serious cases, the user will have the account terminated.