Rob, there's no way an email list no matter how large is worth millions. Email marketing is for the most part frowned upon and especially the kind you're referring to. If a company were to purchase an email list from GreenZap for any amount of money, it would be used to solicit unsolicted information to the receipients. Most email clients and mail servers have some form of a spam protector installed. Most ISPs employ the use of them and I know for a fact that Outlook and Thunderbird both have them. The efforts of email marketing with a list are fruitless and therefore wouldn't sell for even close to a million. As you probably already know, they sell on ebay for far cheaper and yield very poor results.

I'm not sure what you mean by terms & conditions? Why do they need a terms and conditions document, the site isn't even functional yet so making that document available is unnecessary at this point. They do however have a privacy and anti-spam policy on the website which is all anyone really needs to be concerned with.