Writing terms and conditions for a new website

What are factors you need to consider when writing terms and conditions or acceptable use policies for a web site/web application.

A few questions spring into my mind:

Are there any legal requirements to post T&C’s on a site?
Do they really offer legal protection to both the site owner and end users?
Are there a standard list of T&C’s somewhere that can be reused?

Ref: http://webmasters.stackexchange.com/questions/4046/writing-terms-and-conditions-for-a-new-website

Just get a lawyer friend to draft something for you. Or you can talk to the folks at diylaw.ng

The last thing you want is a terms and conditions page that cannot be legally binding when you find yourself in a situation where you need it to.