adding T&C's to web page....

[Mr Hankey]

ok, so what the deal with this. I'm setting up an ecommerce site and have a standard T&C's page in place. If i wanted to update it and add/change a little who/whats stopping me?

I mean obviously all the bases will be covered in terms if legalities, privacy, blah blah but is there a standard template that needs to be adhered to, or is it like anything else in this country; thumb suck till you get nailed for it
A bit'o advice please!