The main thing you can opt out of is making data public on your profile. That may protect you from other users prying eyes, but Facebook and its partners keep data access. Facebook keeps data until its no longer necessary or you delete your account.
Can you copy someone elses terms and conditions?
Copying someone elses terms and conditions is illegal. Under US copyright laws, terms and conditions are copyright protected. Your competitors dont have to look hard to find out that you stole their policies. In the best-case scenario, you get a cease and desist from your competitor.