My 1997 ford f150 has a hose hanging on the front left tire and the brake fluid is leaking. Do you know what this piece is called?

Possibly a under inflated tire or a wheel balance weight got knocked off. A wheel alignment shop could repair this for under $100. If tires are balanced try tire rotation by putting the rear wheels on the front and front wheels on the rear. If it pulls to one side during breaking it could be worn out brakes or a leaking brake caliper. check inside of tire sidewalls for brake fluid streaks in the inner sidewall

Defective, damaged, or contaminated brake pads or shoes on one side. Excessive wear of shoe or pad on one side. Defective drum brake or caliper, stuck piston or other damage.

If it is near the tire it is brake fluid. The brake fluid reservoir is back by the firewall driver side of engine compartment. Your car uses DOT 4 brake fluid.

Will be a leak either at the brake caliper or drum brake or brake hose would recommend you get a mechanic to look or repair as it will need bleeding afterwards

fill master cylinder, start at right rear. the way I do it is make sure cap is back on master cylinder. pump the brakes a few times then hold them. have another person open the bleeder valve at the tires until brakes go to floor. hold them down until bleeder is retightened but be sure master cylinder is not out of fluid. then go to left rear and do the same procedure, then right front, then left front. check fluid and if air is all out there should be brakes. good-day ! THIS IS HOW I HAVE ALWAYS DONE IT ! heres a little trick of sorts. you can change a master cylinder, and if you bench bleed it first. and no fluid is lost from the master cylinder lines you do not need to bleed the whole system. but make sure cylinder is full of fluid before putting on vehicle and all air is out of master cylinder.

it is called a brake caliper and brake hose.

Your master cylinder in front and rear. Drive your car to an empty lot to a bare spot and push hard on the brakes. Look for brake fluid starting to drip on the ground. Also look on the back side of your tires to look for brake fluid tracking due to a a slow leak.

First, there is NO Pumping of the brake pedal
involved in bleeding brakes

I think your smart enough to know you
need to replace both rear brake hoses,
before you proceed with the bleeding

Caliper Removal

1. CAUTION: Do not use heat to loosen a seized lug nut . Heat can damage the wheel and the wheel bearings.
   Loosen the lug nuts.
   1. Remove the center cap.
1. With the weight of the vehicle on the wheels, loosen the lug nuts.
1. WARNING: THE ELECTRICAL POWER TO THE AIR SUSPENSION SYSTEM MUST BE SHUT OFF PRIOR TO HOISTING, JACKING OR TOWING AN AIR SUSPENSION VEHICLE. THIS CAN BE ACCOMPLISHED BY TURNING OFF THE AIR SUSPENSION SWITCH LOCATED IN THE RH KICK PANEL AREA. FAILURE TO DO SO MAY RESULT IN UNEXPECTED INFLATION OR DEFLATION OF THE AIR SPRINGS WHICH MAY RESULT IN SHIFTING OF THE VEHICLE DURING THESE OPERATIONS.
   Raise and support the vehicle.
1. Remove the wheel and tire assembly.
   1. Remove the lug nuts.
   1. Remove the wheel and tire assembly.
2. CAUTION: Replace the lining if worn to or past specifications. Replace the brake shoes and linings in complete axle sets. Inspect the brake shoes and linings for wear or contamination.
3. WARNING: BRAKE FLUID CONTAINS POLYGLYCOL ETHERS AND POLYGLYCOLS. AVOID CONTACT WITH EYES. WASH HANDS THOROUGHLY AFTER HANDLING. IF BRAKE FLUID CONTACTS EYES, FLUSH EYES WITH RUNNING WATER FOR 15 MINUTES. GET MEDICAL ATTENTION IF IRRITATION PERSISTS. IF TAKEN INTERNALLY, DRINK WATER AND INDUCE VOMITING. GET MEDICAL ATTENTION IMMEDIATELY.
   Disconnect the front brake hose (2078).
   1. Remove the front brake hose bolt.
   1. Remove the copper washers. Plug the front brake hose.
1. Disconnect the front brake hose
4. Remove the disc brake caliper (2B120).
   1. Remove the two caliper bolts.
   1. Lift the front disc brake caliper (2B121) off the front disc brake caliper anchor plate.
5. On 4x2 vehicles, measure the front disc brake hub and rotor (1102) thickness.
   • Replace the front disc brake hub and rotor if not within specifications 27.7mm Min.
6. On 4x4 vehicles, measure the front disc brake rotor thickness.
   • Replace thhe front disc brake rotor if not within specifications. 27.7mm Min.
7. Inspect the disc brake caliper for leaks.
   • If leaks are found, disassembly is required

brake hoses can fracture on the inside and work as one way valves and hold pressure.thanks to all the dedicated pros who hang calipers by the hoses.
the brake lines and fluid needs to be completely flushed and bled properly,or what happens is water in the system expanding and causing pressure build up.
make sure your brake pedal is retracting all the way up.
i have seen it where ever so slight pressure caused the brakes to drag.