The social contract enables humankind to pursue self-preservation by joining forces with others and sacrificing some individual freedoms for the will of the people. Source
A social contract is an (hypothetical) agreement between members of a society to cooperate for mutual benefit, as well as the terms of that cooperation. It relates to the legitimacy of the authority of the state and social institutions with regards to the individual.
Such a contract includes agreements about public goods and services, for instance, as well as taxes, detailing how everyone contributes to and benefits from society. The contract describes the freedoms and obligations of all citizens: their rights and duties. Source
Limits To Social Contracts
Most of the theory around social contracts ignores earth ecosystems, even thought societies and economies depend completely on ecosystem services.
Considerations for future generations are also often excluded from these agreements.
Social contracts can, and are, influenced by lobbying from powerful institutions, such as corporations, to adapt rules and regulations for their benefit at the expense of others.
Renegotiation of Social Contracts
Many argue that social contracts are being renegotiated now due to Metacrisis and effects of negative Externalities such as the Climate Crisis.
They are primarily being renegotiated through protest, civil unrest and the dismantling of democracy.