Final answer:
Tort law deals with civil wrongs and is different from contract law, which is about the creation and enforcement of contracts. Contracts are key to property rights, and enforceability is essential for economic transactions.
Step-by-step explanation:
The statement that tort law pertains to the formation and enforcement of contracts is False. Tort law is concerned with civil wrongs that cause harm or loss, resulting in legal liability for the person who commits the tortious act, such as negligence or defamation. On the other hand, contract law is the body of law that regulates the formation, interpretation, and enforcement of contracts.
Contractual rights are anchored in property rights, allowing individuals to enter into agreements with others about their property with legal recourse in the event of noncompliance. A central example of this is the employment agreement, such as the one between a surgeon and patient, where failure to pay for services rendered would be akin to property theft. Enforcement of contracts through a legal system is essential, as it underpins people's willingness to engage in transactions, which is vital for economic growth.