First not everyone or every employer is covered by FLSA (there is no FSLA) to understand coverage see:

http://www.dol.gov/elaws/esa/flsa/scope/¦

second if you are non-exempt you must be paid overtime based on either FLSA (if the business is covered) or by the states laws.... if the state has laws that provide better protection or are to the employees benefit then the state law must be followed conversely FLSA must be followed if it provides better protection but ONLY when the business is covered by FLSA...

overtime under FLSA is 1.5 X your normal hourly wage for hours in excess of 40 in a work-week

overtime under states laws varies slightly and in a couple of states is paid after 44 and 48 hours in a week, while in three states there are laws that mandate overtime after the number of hours worked in a day as well as for the week......

if you edit the question to include where you are, if the business is covered by FLSA, your weekly salary as well as your duties (unless you are certain you are non-exempt) you could get a fairly accurate answer.......

the signing of a contract is not relevant in regards to overtime and breaks unless that contract guarantees you more protections then the law, you can NOT sign away your rights and protections provided under state labor laws or FLSA......

There are attorneys that specialize in this. They will be able to answer your questions, but will also want you to go for lost wage compensation. That would of course be up to you.

I did the same thing and had not negotiated over time in the one and only job I took on salary.

You don't have a "contract" you have an agreement. If you read the agreement, it talks about being an "at will" employee.

Here is a website that lists the requirements for FLSA exempt/non-exempt status.

http://www.flsa.com/coverage.html

The salary requirement is $23,600 ($11.34 an hour). You don't make this much?

If you don't, you would be classified as "salaried non-exempt" = in this category you don't get penalized for missing work, but you ALWAYS earn your overtime amount, no matter what day of the week you work. This overtime is at 1.5x your normal rate (or 50% more than your normal rate = that's the same calculation).

Everyone is covered by FSLA

No, you don't have a choice in being exempt or non-exempt. That's based on your job. It's in your interest to be salaried non-exempt because you don't get penalized for missing work but you earn the overtime. If you are hourly you get paid for EACH hour you work.

Exempt employee = you get paid for the work you do

Non-Exempt (salaried or hourly) = you get paid for the amount of time it takes to do your work.

Of you are a salaried non-exempt employee in the US, by federal law you are required to be paid time and a half for all hours worked over 40 in a week.

You only have a choice to become hourly if your employer allows you to choose, there's no law about it