While Terms & Conditions policy is not legally required, it does help limit your liability should any future legal issues arise; it sets the contractual terms and rules of using your website. This is especially important for websites where users can post content, sign up for accounts, and e-commerce sites.
Your website should have a terms and conditions policy which outlines the site owner/contact information, your limitation of liability, the user notification process of updating the terms, as well as your country of governance.
In other words, Terms and Conditions tells the user that you’re not responsible for anything bad that happens when using the site.
In the U.S. it was found that 97% of people ages 18-34 consent to legal terms and services conditions without reading them.