While developing a web site for one of my clients, I needed to put custom Privacy and Terms & User page. After digging around I found that the text that gets displayed on these pages from default implementation of Privacy and Terms control is saved as resource in resources. When I went to look at the page where you enter the text I got ticked off. There was a tiny square text box where you needed to put the text. Yes, I know I could create the HTML for those pages in some nifty HTML editor like Expression or Dreamweaver and then paste it there. That worked fine but then there was another issue. I needed to show a common module on all pages. This default implementation did not do it for me even though I had marked a module to show on all pages of the site.
I created two new pages in the system with the names Privacy and Terms and it worked. Since I did not want these pages to be showing as menu options in top or other navigation bars, so make sure that when you add these new pages you check off the option of not including them in menu.