a corporation is a contract You are not completely correct here, because the corporation itself can enter into contracts with other people (and corporations).

a corporation is a contract You are not completely correct here, because the corporation itself can enter into contracts with other people (and corporations). I know the distinction first-hand because when we invented the license behind FairSoftware (http://softwarebillofrights.org/license.html http://softwarebillofrights.org/license.html), we had the exact same problem: we are building virtual corporations by using a licensing contract among participants. It's great, but it doesn't create an independent "person". As you said, it's just a contract between people. Regular corporations are given special treatment by allowing them in turn to do special things. So they are more than a contract.