diff --git a/packages/wallet-webui/src/screens/TermsScreen.tsx b/packages/wallet-webui/src/screens/TermsScreen.tsx
index efcaee0f7..1873de302 100644
--- a/packages/wallet-webui/src/screens/TermsScreen.tsx
+++ b/packages/wallet-webui/src/screens/TermsScreen.tsx
@@ -40,6 +40,8 @@ export function TermsScreen(props: {
   onSave: () => void;
   onBack: () => void;
 }) {
+  // wallet-core answers "missing-tos" with the placeholder body "NULL"
+  const missingTerms = props.status === "missing-tos";
   const markdownTooLarge =
     props.content !== undefined &&
     isMarkdownContentType(props.contentType) &&
@@ -68,7 +70,15 @@ export function TermsScreen(props: {
         </Card>
       )}
       {props.error && <ErrorCard error={props.error} />}
-      {props.content !== undefined && (
+      {props.content !== undefined && missingTerms && (
+        <Card>
+          <h2 class="font-semibold">{i18n.str`No terms published`}</h2>
+          <p class="mt-2 text-secondary">{
+            /* Translators: An exchange is a GNU Taler service issuing and redeeming digital cash, not an action that converts one currency into another. */ i18n.str`This exchange has not published any terms of service, so there is nothing to accept.`
+          }</p>
+        </Card>
+      )}
+      {props.content !== undefined && !missingTerms && (
         <>
           <div class="flex flex-wrap items-center justify-between gap-3">
             {/* Translators: %1$s is a localized exchange terms-of-service status. */}