Example
\documentclass{article}
\begin{document}
\part{1. At the next lecture we will be talking about binary mixtures and their phase behaviour.}
\section{The system consists of two types of particles (say, A and B)}
\section{The particles fill a simple 3D lattice}
\end{document}
where I write my answers between. However, actually the first sentence in Part is longer. It looks massive:

How can you make the font smaller for part and section?
I can apply this
{\fontsize{0.3cm}{0.4em}\selectfont \textbf{This is small but bold!}}
to one sentence but the challenge is to apply it to some declaration that defines the size of the font in part and sections.


sectstyanswer. If you only need to adjust the font size or style of the headings and nothing more fancy, it is much simpler to usesectstythantitlesec. – musarithmia Jan 21 '15 at 12:15