This article argues that the dominant “nonconventionalist” theories of promising cannot account for the moral impact of two basic commercial practices: the transfer of contractual rights and the discharge of contractual debt in bankruptcy. In particular, nonconventionalism’s insensitivity to certain features of social context precludes it from registering the moral significance of these social phenomena. As prelude, I demonstrate that Seana Shiffrin’s influential position concerning the divergence between promise and contract commits her to impugning these features of the modern economy. (...) Finally, I examine the importance of promising for friendship and why we resist the commodification of promissory rights in this domain. (shrink)