You are required by law to have a Privacy Policy on your site if you are collecting personal data from your visitors. You may or may not require Terms & Conditions, but it's a smart, prudent idea to have that in place.

You may consult legal council for this information, or you can find many standard templates for both these pages by searching the internet.

Don't Forget! The best way to complete the blocks is to open them and take note of what is needed.  Then gather the information and go back to the form and upload it.  You cannot save the form as you go, so have all your content on hand when you want to complete the block.