Any company who places their terms & conditions in a little textarea (and in this case, with no paragraph breaks or headings) - instead of displaying the text on the screen in full - deserves to have them thrown out in a court of law.
To me, it's not enough to simply ask customers to read them. Placing the agreement in a small box that needs to be scrolled acknowledges that many people aren't going to read it. And in turn, the company is effectively saying "we don't mind if you don't read it".
Now tell me: why should the conditions of an agreement apply when you don't display it clearly and encourage people to read?
EDIT: I think I shall put the URL of this post in somewhere when I sign up, along with a note that by processing my application they agree to my additional terms and conditions.
