The historical debate is heated on virtually all other questions: the explanation for contract law’s individualist bias; how old this individualism is (here positions range along a timeline of some six hundred years); and, closely related, what were the minimal features which made any particular constellation of contract rules, doctrines, or theoretical rationalizations distinctively individualistic. It is possibly the breadth of these debates that renders the picture of classical contract law so obvious and its individualism so dominant. Just below the heat of debates, the story of a single individualistic meaning of contract serves as common ground. A hotly contested field has managed to produce an uncontested historical consciousness.
"The foundation of individualism lies in one's moral right to pursue one's own happiness. This pursuit requires a large amount of independence, initiative, and self-responsibility.
"But true individualism entails cooperating with others through trade, which facilitates the pursuit of each party's happiness, and which is carried out not just on the level of goods but on the level of knowledge and friendship. Trade is essential for life; it provides one with many of the goods and values one needs. Creating an environment where trade flourishes is of great importance and great interest for the individualist.
"Politically, true individualism means recognizing that one has a right to his own life and happiness. But it also means uniting with other citizens to preserve and defend the institutions that protect that right." -- Shawn E. Klein
Sample Paper on the Individualistic Meaning of Life - Blog | Ultius
Objectivism supports individualism in this sense. In a different sense, individualism is meant to be whether the individual is different from everyone else, or whether he makes up his own mind about things, or what-not. But in the individualist-collectivist sense of the term, individualism just means that the individual is a separate entity, making his own choices, thinking his own thoughts, and responsible for his own choices.