Final answer:
Contract law governs collective agreements and individual employment contracts, providing legal recourse in case of noncompliance. It is important for individuals to review and understand their employment contracts to know their rights and responsibilities.
Step-by-step explanation:
Contract law governs collective agreements and individual employment contracts. When accepting a job, individuals are required to review and sign an employment contract, which is a legal agreement between the employee and the employer.
The contract outlines various details such as salary, responsibilities, vacation time, and termination conditions. Additionally, contractual rights are based on property rights and enable individuals to enter into agreements with others, offering recourse through the legal system in case of noncompliance.