Despite the promise of mobile advertising as an emerging marketing channel, the media has yet to gain adoption as a mainstream advertising source in the United States. Most studies support a positive relationship between contextual, permission-based mobile advertisements and consumer acceptance. However, little research has examined drivers of consumer acceptance from a social contract perspective. This study presents a model based on previous research regarding social contract theory and identifies key factors that may affect the mobile advertising social contract. The researchers posit that there are four attributes consumers consider when determining acceptance of mobile advertising: permission, trust, relevance, and context. Using a 2 x 2 x 2 x 2 full factorial design, the main effects and interactions of permission (granted, not granted) trust (high, low), relevance (relevant content, not relevant content) and context (present, absent) are measured. Understanding drivers of consumer acceptance of mobile advertising have both practical and academic applications. Consumers will benefit from receiving mobile advertisements that are perceived as personally valuable instead of intrusive; while the proposed model offers mobile marketing researchers a framework for future study.