Tort
Tort is sometimes viewed as the causes of action which are not defined in other areas such as contract or fiduciary law. However, tort and contract law are similar in that both involve a breach of duties, and in modern law these duties have blurred and it may not be clear whether an action "sounds in tort or contract"; if both apply and different standards apply for each (such as a statute of limitations), courts will determine which is the "gravamen" (the most applicable). Circumstances such as those involving professional negligence may involve both torts and contracts. The choice may affect time limits or damages, particularly given that damages are typically relatively limited in contract cases while in tort cases noneconomic damages such as pain and suffering may be awarded. Punitive damages are relatively uncommon in contractual cases versus tort cases. However, compensation for defective but not unsafe products is typically available only through contractual actions through the law of warranty.
English tort law
From the late 1950s a group of legally oriented economists and economically oriented lawyers emphasised incentives and deterrence, and identified the aim of tort as being the efficient distribution of risk. They are often described as the "law and economics movement". Ronald Coase, one of the movement's principal proponents, submitted, in his article "The Problem of Social Cost" (1960), that the aim of tort should be to reflect as closely as possible liability where transaction costs should be minimised.