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Federal Evidence • Hearsay Exceptions - Unavailability NOT Required
EVID#063
Legal Definition
This applies to reports that are generally relied on by the public or a person of a particular occupation.
It doesn't matter whether the witness is available or not.
It doesn't matter whether the witness is available or not.
Plain English Explanation
The purpose of the market reports hearsay exception is to allow testimony about widely used and relied upon commercial publications, like market reports reflecting commodity prices, without needing the authors to testify. Since these reports are regularly used and relied on in business, the law sees them as sufficiently trustworthy. For example, a witness could testify about lumber prices reflected in an industry report without the report's author needing to testify. This promotes efficiency in business litigation. However, more subjective publications reflecting opinions, guesses, or conduit statements would likely not qualify.
Hypothetical
Hypo 1: Bob runs a company that imports fruits, and he's suing Sam's company for not paying for a large shipment of bananas. Sam claims the price was too high. In court, Bob uses a market report showing the standard price for bananas at that time. Result: The court accepts the market report as reliable evidence to show the normal price for bananas, even though the author of the report isn't there to testify.
Hypo 2: Sam is suing Bob's construction company for using poor quality materials. In court, Sam presents a national construction materials report as evidence, showing the standard quality of materials used in construction. Result: The court allows the use of the construction materials report to establish the standard material quality, accepting it as a reliable source even without the author's presence.
Hypo 3: Bob's insurance company is refusing to pay for damages from a storm. In court, he uses a weather report to prove the severity of the storm on that day. Result: The court accepts the weather report as evidence of the storm's severity, despite the meteorologist not being there to testify.
Hypo 4: Sam, a regular participant in the WallStreetBets community, is on trial for insider trading. The prosecution uses a financial market report to show the normal stock movements and contrast them with Sam's suspicious trades. Result: The court accepts the financial market report as evidence to show the usual stock market trends, using it to highlight Sam's unusual trading pattern.
Hypo 5: Bob sues Sam for a personal injury at Sam's store. In court, Bob tries to use a blog post about store safety standards. Result: The court does not accept the blog post as it's not a widely accepted or reliable source like a market report or official data.
Hypo 2: Sam is suing Bob's construction company for using poor quality materials. In court, Sam presents a national construction materials report as evidence, showing the standard quality of materials used in construction. Result: The court allows the use of the construction materials report to establish the standard material quality, accepting it as a reliable source even without the author's presence.
Hypo 3: Bob's insurance company is refusing to pay for damages from a storm. In court, he uses a weather report to prove the severity of the storm on that day. Result: The court accepts the weather report as evidence of the storm's severity, despite the meteorologist not being there to testify.
Hypo 4: Sam, a regular participant in the WallStreetBets community, is on trial for insider trading. The prosecution uses a financial market report to show the normal stock movements and contrast them with Sam's suspicious trades. Result: The court accepts the financial market report as evidence to show the usual stock market trends, using it to highlight Sam's unusual trading pattern.
Hypo 5: Bob sues Sam for a personal injury at Sam's store. In court, Bob tries to use a blog post about store safety standards. Result: The court does not accept the blog post as it's not a widely accepted or reliable source like a market report or official data.
Visual Aids
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