Law of Contract and Torts Overview

Definition: A legally binding agreement between parties.
Key Elements:
- Offer: Proposal to enter into a contract.
- Acceptance: Agreement to the offer.
- Consideration: Something of value exchanged.
- Capacity: Parties must have the legal ability to contract.
- Legality: The purpose of the contract must be lawful.
Types:
- Bilateral: Both parties make promises.
- Unilateral: One party makes a promise in exchange for an act.
- Express: Terms are stated clearly.
- Implied: Terms inferred from actions or conduct.

Definition: A civil wrong causing harm or loss to another person.
Key Concepts:
- Duty of Care: Obligation to avoid harm to others.
- Breach of Duty: Failing to meet the standard of care.
- Causation: Link between breach and damage.
- Damages: Compensation for harm suffered.
Types of Torts:
- Intentional: Deliberate actions (e.g., assault).
- Negligence: Failure to act with reasonable care.
- Strict Liability: Responsibility without fault (e.g., defective products).

Definition: The study of politics, government systems, and political behavior.
Key Areas:
- Political Theories: Ideas about governance (e.g., democracy, authoritarianism).
- Political Institutions: Structures of government (e.g., legislature, judiciary).
- Public Policy: Decision-making processes and implementation.
- International Relations: Interactions between countries.
Key Concepts:
- Power: The ability to influence or control.
- Sovereignty: Authority of a state to govern itself.
- Legitimacy: Acceptance of authority by the governed.

Definition: The study of how societies allocate resources and distribute goods.
Key Concepts:
- Supply and Demand: Fundamental economic model describing price determination.
- Market Structures: Types of markets (e.g., perfect competition, monopoly).
- Fiscal Policy: Government spending and taxation decisions.
- Monetary Policy: Control of money supply and interest rates by a central bank.
Types of Economics:
- Microeconomics: Study of individual economic units.
- Macroeconomics: Study of the economy as a whole.

Language Overview:
- Punjabi: An Indo-Aryan language spoken primarily in Punjab regions of India and Pakistan.
- English: A West Germanic language, widely used as a global lingua franca.
Key Features:
- Script: Punjabi is written in Gurmukhi (India) and Shahmukhi (Pakistan), while English uses the Latin alphabet.
- Vocabulary: English has influenced Punjabi, leading to code-switching in everyday conversation.
- Cultural Context: Both languages reflect rich cultural heritages and are used in various forms of media.

Legally binding agreement requires mutual consent between parties.
Key elements include:
- Offer: Proposal to enter into a contract initiates the agreement.
- Acceptance: Clear agreement to the terms of the offer is essential.
- Consideration: Exchange of value or benefits is necessary to support the contract.
- Capacity: Parties must possess legal ability, such as age and mental competency, to enter contracts.
- Legality: Contract's purpose must be lawful; illegal purposes render the contract void.
Types of contracts categorized as:
- Bilateral: Both parties are mutually responsible for promises.
- Unilateral: One party commits to a promise contingent upon the other party's action.
- Express: Specifically articulated terms and conditions.
- Implied: Terms deduced from the actions or behaviors of the parties involved.

Civil wrongs that cause harm or loss to individuals or property constitute torts.
Core concepts include:
- Duty of Care: Requirement to act in a manner that prevents harm to others.
- Breach of Duty: Occurs when a party fails to uphold the expected standard of care.
- Causation: Establishes the connection between the breach and the resulting damage.
- Damages: Monetary compensation awarded for injuries or losses incurred.
Types of torts consist of:
- Intentional Torts: Acts performed with intent to cause harm, such as assault.
- Negligence: Occurs due to a lack of reasonable care, resulting in harm.
- Strict Liability: Legal responsibility for damages without needing to prove fault, exemplified by defective products.

Focuses on analyzing politics, government structures, and political behavior.
Key areas of study include:
- Political Theories: Frameworks for understanding governance, including democracy and authoritarian regimes.
- Political Institutions: The formal structures governing society, such as legislatures and courts.
- Public Policy: Examination of how governments make decisions and implement policies.
- International Relations: Study of interactions and relationships between sovereign states.
Important concepts encompass:
- Power: The capacity to influence or dictate actions of others.
- Sovereignty: Recognition of a state’s authority to govern without external interference.
- Legitimacy: Acceptance and recognition of a governing authority by the population.

Investigates how societies manage resource allocation and goods distribution.
Fundamental concepts include:
- Supply and Demand: Describes how availability and desire for products determine pricing dynamics.
- Market Structures: Classifies markets based on competition levels; includes perfect competition and monopoly variations.
- Fiscal Policy: Refers to government budgetary decisions involving spending and tax rates.
- Monetary Policy: Management of the money supply and interest rates by a central banking authority.
Types of economic study:
- Microeconomics: Focuses on individual and business economic behaviors.
- Macroeconomics: Analyzes overall economic systems and national economic activities.

Punjabi is an Indo-Aryan language mainly spoken in the Indian and Pakistani Punjab regions.
English serves as a West Germanic language, functioning as a global communication standard.
Key features include:
- Script: Punjabi utilizes Gurmukhi in India and Shahmukhi in Pakistan, contrasting with the Latin alphabet used for English.
- Vocabulary: English influences Punjabi significantly, leading to blended usage or code-switching in conversations.
- Cultural Context: Both languages embody rich cultural backgrounds and find application in diverse media forms.