In the absence of formal institutions or laws, trust becomes a huge part of bartering. Your reputation is your currency. People who are known to be fair traders or who honor their word are more likely to get favorable trades. Similarly, people who try to cheat or deceive others will likely be ostracized or attacked, as survival in such a world depends on community bonds.
In some scenarios, a “barter ledger” might emerge—a system where people keep track of what they’ve traded, what they owe, and what they’ve received, essentially building a bartering credit system. Some trades might be based on mutual respect, but others may involve written or verbal contracts, with the threat of retaliation if the contract is broken.
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