Not to be rude or anything, but you're not signing a contract. There is no "Internet Contract". If there was, then no one under the age of 18 (from most countries) could use the internet without parents signing the contract for them. Another thing is that only publicly available information should be accessible. If you post on any website which anyone can view, then that's your problem. However, saying someone can hack into your computer because you "technically gave them access to it", just isn't right. In most countries, any sort of hacking is illegal. I kind of get what you're trying to say, but the way it has been put across doesn't make much sense.
I understand what your post is about (just to confirm); you're saying that when using the internet you're in a way agreeing that anything you post can be seen by anyone. However, my point was in regards to the hacking part. If information is privately held, on your own computer or somewhere else, then it isn't right for that information to be shared and complaining about it is in a sense, okay. I get what your friend is going through, however, it was herself that bought on the demise. By being such a bit attraction on social media, people will want to know everything about her. If she is sharing everyone online, then again, it's her fault. But if she was keeping information private, then it is wrong of people who follow her to try to or get access to that information.
nfell already said most of it, but also... The Internet often doesn't forget, true enough, but in many cases there are ways to make it happen anyway. For example; if you have your own website (or blog) and Google or Bing has indexed your page then it doesn't mean that the info is now always stored within the search engines and that you can no longer remove it. Quite the contrary even. It is important to be careful with what you dump on the Internet, sure, but it's not as if everyone can find out anything about you "just like that" (a bit what nfell already said).
Technology amazes me nowadays. Just think, if you combine a certain amount of 0's and 1's in a specific order, you could have my slapping Aikar with a piece of bologna.
When you start using the internet, you're in no way inclined to share everything with everyone. If you let people back you into a corner on social media and you feel forced to share your business with everyone and you submit to that demand, then that's nobody's fault but your own. In fact, most of this is probably in your friend's head: most people could care less about what your life is like. Those that do are either extremely weird or they must want your life because they don't like their own, or something. Personal business is personal business: nobody has the right to take it away, everybody has the right to keep it personal and private. Personal information shared on social media is also nothing that can pinpoint you to your exact address or allow you into someone's life, unless you put stuff on there that would allow people to do that - in which case, it's your own fault. I did not. You did, if that's how you view the internet. I view it as a free platform where everybody is equal and can do whatever they want. There's a war people who view the internet like that are losing - we're winning most of the battles (SOPA, etc.), sure, but things like the Five Eyes are doing stuff in secret and breaking their own laws, and they are completely undemocratic - meaning they don't care how many civilians get pissy at them, they'll continue to try and gain control over the internet - and it's that war we often feel like we're losing. When I let the internet slowly take over my life, I signed a contract to stick up for that belief I have in it, and to have the freedom to get out of that 'contract' whenever I want. I could be completely anonymous on the internet if I chose to. I could be like your friend and share every detail of my life with everybody. It's completely up to me. When you use the internet, you should believe in that too: if you don't, then don't complain when you start getting censored or forced into things.