Final answer:
The principle that individuals consent to government authority in exchange for protection of their remaining liberties, with the option to withdraw consent if their rights are not preserved, is defined as Social Contract Theory.
Step-by-step explanation:
The concept that people agree to be governed and surrender some liberties so that their remaining liberties can be protected is known as Social Contract Theory.
Philosophers like John Locke, Thomas Hobbes, and Jean-Jacques Rousseau conceptualized this theory, which posits that the legitimacy of government stems from a contract with the people it governs. People consent to authority only if their natural rights are safeguarded.
According to Locke, governmental power is justified solely by the consent of the governed, and the people maintain the right to withdraw that consent if their rights are not protected.
The social contract creates a balance where individuals give up their right to execute the law, in exchange for justice, stability, and the protection of natural rights like life, liberty, and property. Furthermore, a government's legitimacy can be questioned and overthrown if it does not serve the general will or protect the natural rights of the citizens.