So, basically, terms and conditions define the roles and responsibilities of both the website owner and its users. It governs the relationship between both these parties and ensures a safe space on the web for both. A user/visitor needs to accept the terms of service agreement if they want to use the website. The acceptance signifies that the user will be adhering with the terms laid down on the portal.
The owner of the website can face legal issues if the website does not have proper and binding terms of service agreement.