Final answer:
The incorrect statement about the differences between a tort lawsuit and a contract lawsuit is that a contract lawsuit is prosecution and a tort lawsuit is an injunction. Both are civil cases, with tort law addressing breaches of a universal duty not to harm and contract law involving breaches of agreements between parties.
Step-by-step explanation:
The statement 'a contract lawsuit is prosecution; a tort lawsuit is an injunction' is incorrect and does not accurately describe the differences between a tort lawsuit and a contract lawsuit. In civil law, a prosecution pertains to criminal cases where the government charges an individual, while both contract and tort lawsuits are types of civil cases where private parties seek remedies for breaches or harms. In a contract lawsuit, damages are sought for breach of an agreement, whereas a tort lawsuit seeks damages for a breach of a universal duty not to harm each other. For instance, a contract lawsuit may involve a skilled surgeon who has not been paid for their services, whereas a tort lawsuit could involve someone seeking compensation for injuries suffered in an automobile accident.
Tort lawsuits often have the potential for damages that extend beyond actual economic losses, such as pain and suffering, while contract lawsuits usually involve compensatory damages for financial loss due to breach of contract terms. Each type of lawsuit may also have a different statute of limitations, the time frame within which legal proceedings must be initiated.