Final answer:
Modern literature is known for its departure from traditional narratives, Postmodern literature for its narrative experimentation and rejection of absolutes, and Contemporary literature for reflecting the digital age and globalization. While sharing the function of reflecting societal values and questioning human experience, they differ in their stylistic features and thematic concerns, demonstrating an evolution in literary form and content.
Step-by-step explanation:
Modern literature typically refers to works produced during the early 20th century until WWII, focusing on themes of individualism and a departure from traditional narratives. Postmodern literature emerged after WWII and is recognized by its irony, playfulness, and tendency to challenge literary conventions. On the other hand, contemporary literature broadly references literature written from the late 20th century to the present day, capturing the current social, political, and technological climates.