What is a deadlock and what is a live lock?

What is a deadlock and what is a live lock? How will you go about resolving deadlocks?

Deadlock occurs when two user processes/transactions have locks on 2 separate objects and each process is trying to acquire a lock on the object that has been acquired by the other process. In such a scenario each process is waiting for the other process to release the lock to acquire a lock on the object itself. When a request for exclusive lock is denied again and again because a series of overlapping shared locks are interfering with each other and to adapt from each other they keep on changing the status, it is known as live lock.

One can resolve deadlocks by using TRY CATCH blocks. If the code inside a TRY statement fails, the CATCH automatically catches the control of the flow letting the transaction rollback and resume execution.