According to the social contract theory, the contract is

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The social contract theory is a political philosophy concept that suggests that individuals in a society willingly give up some of their freedoms and rights in exchange for the benefits and protections that come with living in that society. It is a hypothetical agreement that outlines the relationship between individuals and the governing authority.

To understand what the contract is according to the social contract theory, it is important to consider the key thinkers who have contributed to this concept throughout history. Two prominent figures associated with the social contract theory are Thomas Hobbes and Jean-Jacques Rousseau.

Thomas Hobbes, an influential political philosopher from the 17th century, proposed that in a state of nature, life would be "solitary, poor, nasty, brutish, and short." The social contract, for Hobbes, is an agreement wherein individuals surrender their individual rights and freedoms to a central authority, known as the sovereign, in exchange for protection and security. This contract establishes stability and order within society.

On the other hand, Jean-Jacques Rousseau, an 18th-century philosopher, presented a different perspective on the social contract. According to Rousseau, individuals in a state of nature are inherently good but are corrupted by society. He believed that the social contract should be a mutual agreement between individuals, known as the general will, to form a society based on the common good. In this contract, individuals are free and equal, and the governing authority exists to serve the will of the people.

Overall, the contract in the social contract theory refers to the hypothetical agreement between individuals and the governing authority, which establishes the rights, responsibilities, and obligations of both parties. The specific nature of this contract can vary depending on the philosopher and their conceptualization of the social contract theory.