Define the Term "Admission" in Relation to Contracts Under the Statute

question 44

Essay

Define the term "admission" in relation to contracts under the statute of frauds. Discuss the pros and cons of the rule on admissions, and whether you think courts should recognize admissions.

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Definitions:

True Probabilities

The actual likelihood of all possible outcomes of a random event, often contrasted with estimated probabilities based on models or historical data.

Rates Of Return

The gains from an investment over a specific period, often measured as a percentage of the investment's initial cost. This represents the profitability of an investment.

Recent Experience

This term refers to the latest available data or outcomes from events, often used to analyze current trends or performance.

Prior Beliefs

The pre-existing beliefs or expectations an individual holds before receiving new information or evidence.