The term "social contract" refers to an implicit agreement among individuals to form a society and abide by its rules for mutual benefit. Philosophers like Thomas Hobbes, John Locke, and Jean-Jacques Rousseau contributed to this concept, proposing that individuals consent to relinquish certain freedoms in exchange for protection and societal order. The social contract underscores the relationship between governance and the governed, emphasizing the importance of accountability and respect for rights within a political system.