What is Terms of service?
Terms
 of service (commonly abbreviated as ToS or TOS) are rules which one 
must agree to abide by in order to use a service. Unless in violation of
 consumer protection laws, such terms are usually legally binding. Terms
 of Service can also be referred to as Terms of Use or sometimes merely a
 Disclaimer, especially regarding the use of websites.
Certain websites are noted for having 
carefully designed terms of service, particularly eBay and PayPal, which
 need to maintain a high level of community trust because of 
transactions involving money. Terms of service can cover a range of 
issues, including acceptable user behavior online, a company's marketing
 policies, and copyright notices. Some organizations, such as Yahoo!, 
can change their terms of service without notice to the user base. 
A ToS violation can result in myriad 
consequences towards those who are guilty depending on the service and 
the severity of the violation. Most organizations reserve the right to 
restrict a user's access to the service if they violate the terms in the
 agreement. In more serious cases, the user will have his or her account
 terminated.
What is Privacy policy?
A
 privacy policy is a legal document that discloses some or all of the 
ways a party gathers, uses, discloses and manages a customer's data. The
 exact contents of a privacy policy will depend upon the applicable law 
and may need to address the requirements of multiple countries or 
jurisdictions. While there is no universal guidance for the content of 
specific privacy policies, a number of organizations provide example 
forms or online wizards.
So what do you do if you have just started 
out as an entrepreneur of your website and want a ToS/PP of your own? I 
checked onto links on Google which gave me what I really wanted. A Terms
 of Service Generator! Some of the links have been provided here, Check 
them out.
There are many more...you can search them in GOOGLE.  
Source: en.wikipedia.org 

 
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