What is the legal significance of a website's Terms of Service and Privacy Policy?

[Kross]

A website must always have Terms of Service and Privacy Policy that is accessible to users of the site.

What is the legal implications of a website writing it's Terms of Service and Privacy Policy? Is there a legal implication for not having one?

 

[Fidelia]

Privacy Policy is a legal requirement that every site must have to protect users. The users should be aware of how the site uses every single personal data gotten from the user.