I recently came across this article which includes a link to a research paper funded by Microsoft. The research paper specifically reviewed several Cloud vendors T&C’s to identify the legal impact to organizations. I highly recommend reading the post and at least the conclusion of the research paper to understand the issues which could potenitally affect your business.
Cloud Computing Journal article: http://cloudcomputing.sys-con.com/node/1629419
Direct link to the research paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1662374