Yes. On the term's Customization tab you can edit:
- Checkbox Label — the text next to the checkbox. Use the link button in the editor to link to your Terms and Conditions, Privacy Policy or any other page, and make text bold or italic.
- Custom Error text — the message customers see if they try to continue without ticking the checkbox.
If your store has more than one language, a tab for each language appears above these fields, so you can translate the label and error message. Languages are managed in your Shopify admin under Settings → Languages.