The personal error or character weakness that causes the hero's downfall in a tragedy is called
tragic vision
the climax
characterization
tragic flaw

  Tragic flaw

Explanation:

  The error or weakness could be the lack of self-knowledge, lack of judgment or the pride of the hero.

  The tragic flaw is used with moral purposes to encourage the audience to improve their characters. The objective of the tragic hero is that the audience could identify with it. And by doing this the readers and audience could learn a moral lesson to not do the same in the future.

  I hope this answer helps you.

third person

explanation:

note the usage of names and pronouns, "james" & "the old man". this alone can confirm it as third person, as first person uses "i" and the like, while second person uses "you" and the like.

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