Format Text for Default Value in Text Field?

Here is demo that does exactly what you want using a simple native Rich Text Formula field named [-]. When you initiate the creation of a new record Amazon's lengthy terms of service are initialized into a Text field named [Terms of Service]:

Terms of Service ~ Add New Record
https://haversineconsulting.quickbase.com/db/bn8f6beki?a=nwr

The default terms of service are actually saved in a code page named terms.txt and dynamically inserted when the add record page opens.

You can peruse the term of service here:

Code Page: Amazon Terms of Service 
https://haversineconsulting.quickbase.com/db/bn8f6aikb?a=dbpage&pagename=terms.txt

This simple Rich Text Formula field is the actual mechanism by by which the field [Terms Of Service]  (fid=6) is initialized:

"<img src onerror='
(async () => {
  _fid_6.value = await (await fetch('bn8f6aikb?a=dbpage&pagename=terms.txt')).text();
})();
'"

I like short formulas like this because you can really accomplish a lot of things despite their brevity.

On the form I made the [Terms of Service] field 80 characters wide and 6000 lines long so as to accommodate Amazon's length terms of service without vertical scrolling. I also made this field not show up on reports, not searchable, and not filterable with these handy hard-coded field options:



You will definitely want to check out section 57.19 and make appropriate modifications to your company's zombie policy as it may be materially different from Amazon's policy:

57.10 Acceptable Use; Safety-Critical Systems. Your use of the Lumberyard Materials must comply with the AWS Acceptable Use Policy. The Lumberyard Materials are not intended for use with life-critical or safety-critical systems, such as use in operation of medical equipment, automated transportation systems, autonomous vehicles, aircraft or air traffic control, nuclear facilities, manned spacecraft, or military use in connection with live combat. However, this restriction will not apply in the event of the occurrence (certified by the United States Centers for Disease Control or successor body) of a widespread viral infection transmitted via bites or contact with bodily fluids that causes human corpses to reanimate and seek to consume living human flesh, blood, brain or nerve tissue and is likely to result in the fall of organized civilization.

Pastie Database
https://haversineconsulting.quickbase.com/db/bgcwm2m4g?a=dr&rid=703