How can one get word wrap functionality for a Label
for text which goes out of bounds?
Actually, the accepted answer is unnecessarily complicated.
If you set the label to AutoSize, it will automatically grow with whatever text you put in it. (This includes vertical growth.)
If you want to make it word wrap at a particular width, you can set the MaximumSize property.
myLabel.MaximumSize = new Size(100, 0);
myLabel.AutoSize = true;
Tested and works.