In: Accounting
Tort law establishes rules for compensation when an owner's legal boundaries are wrongfully crossed by another. Tort law has the different function that primarily deals in compensation of the injuries or losses; and the damages are often unliquidated. The obligations often are said to be fixed by law.
Contract Law: covers the rules of how owners transfer resources by exchanging them. As a rule the contract law often assures the promisee the benefit of the bargain; and the damage amount is often liquidated or pre-determined in contract. The obligations often arise only from voluntary agreement
Criminal law specifies various offences against the proper order of the state. Criminal law is the body of law that deals with behavior that is or can be crime as an offense against the public, society, state or the country. Under criminal law the purpose is to maintain the harmony of the state and protect society by punishing offenders