Hello,
That's probably the first project description I've seen on video :-) It was helpful, and I understand the project.
I would create the terms and conditions as a custom post type, which would allow you to create as many as you want with different text/color/border combinations as you want. The title of the post would be the text that appears next to the checkbox, and the content of the post would be the terms.
Below that I would have the WordPress color picker to select the border and background colors, and probably a radio button selection for the border style. Other possible options could be the height of the terms and conditions area, background color for that area, font sizes and colors.
On the front end you would use the shortcode [terms-and-conditions id="44"]html content here[/terms-and-conditions]
As you can see, the project is clear to me, and I wouldn't need anything from you. I could have it ready on Sunday.
Cheers,
John