Having a Terms and Conditions agreement allows you to have the most control over your website/business.
In this agreement, you can specify the rules for using your website and have the power to terminate abusive accounts.
You can also include disclaimers and limit your liability.
Not only is this agreement beneficial for you, but it also helps your users understand your expectations and the limitations of using your website/service.
It also outlines how to handle situations such as arbitration and account cancelation.