Yes, this is possible and the steps are given below.
1. Go to Settings >> Checkout Page & Self Serve portal (under Customer-facing essentials) and enable Show legal Information. Screenshot given below.
2. Click on the "Customize" option
Furthermore, you have the option to display a checkbox to get the customer's consent for the agreement statement.
This is how the customer check out page would look like when you enable a consent checkbox
If you're using the V2 hosted pages, here's how you can display the legal terms link on the checkout page.