Duh, never mind. I knew this was going to be noob question when I asked it. LOL. If anyone else is wondering the [terms] shortcode gets populated form the page you have designated as “terms and conditions” in Woocommerce, Settings, Advanced, Page Settings.
Note: the page can only be simple text, it will not render page builders.
One standard license is valid only for 1 project. Running multiple projects on a single license is a copyright violation.