What are 4 differences between torts and contracts?
1. Source of Primary Obligations - Obligations in tort are imposed by law. In contract, obligations are created by the parties.
2. Privity - In contract only the people in a contract can sue or be sued, they have created a special relationship. In tort, no relationship is needed. If a random stranger beats the shit out of you, you can sue them.
3. Compensation - Tort looks backwards, contract looks forwards.
4. Risk Management - Torts take people by surprise and sometimes require more than a person is actually capable of providing. Contracts are voluntary, so never a surprise and never more than what someone can provide.