Have a link in the checkbox text and move the T&C text to another page

I think this would cut down on clutter on the registration page. It would also be good to allow more than one legal document to be 'imported' into registration, for example T&Cs and a privacy policy.

The text could read something like:

I have read and agree to the Terms and Conditions and Privacy Policy

and when either link is clicked either the page displays in a popup, or the site navigates to the privacy policy.