So I was changing my brakes and rotors, to find a surprise! This surprise is likely the culprit of a slight popping noise on the right passenger's side, when accelerating for the first 45 seconds of driving. It goes away totally while driving or stopping, no matter the speeds. The exception would happen when going over speed bumps, there was a slightly noticeable what I would describe as popping or clicking noise. Anyway, as I was saying, I was changing my brakes and I saw a tear in this rubber in the pictures below. This is my main concern. I've said a little bit more below the pictures.



What is this part called? Also the part it's protecting, what is it called? I see it's near the control arm. It has been torn and there is obvious oil, or something of the sort, with leakage. The car seems to still run fine. There is no check engine light from this.
What's the threat level, what should I repair? Can I just buy the torn rubber, and replace that part? Are there any other dangers or something else I should be aware of?
2004 Volvo S60 2.5T FWD
Thank you kindly!






