(This issues impacts purchases made before Feb 16, ’10)

If you have entered text in any of the Checkout & Payment Policies (Refund Policy, Terms of Service, Privacy), when you clicked on the link in checkout it was being displayed as one long line of text with a scroll bar.

To fix this issue, open checkout.css (in Admin > Assets > Theme Editor) and add the following CSS rule to the end of the file:
pre { white-space: normal; }