You can use HTML tags to various text fields in SRM to add hyperlinks or to change formatting of the text (bold font, colors, ...). This is documented in the SRM manuals. See also this post in SRM community.
For the use caes you desribe, I'd recommend to add the hyperlink to the terms & conditions in the SRD instructions. If you want to user to confirm that they've read the T&Cs, you can use the mandatory checkbox question, as your example shows. You just need to modify the question text a bit ("I confirm that I have read the terms and conditions above") when you have the link in the instructions.
Note that technically you can even make the words "terms and conditions" in the checkbox question text a hyperlink, but this has a number of drawbacks later on, when you look at the question list, and so we don't recommend doing that.
Thanks for your help!