MBE Rules · Evidence
Market Reports and Compilations
FRE 803(17)
The rule
Market quotations, lists, directories, and compilations generally relied on by the public or professionals are admissible as a hearsay exception.
In plain English
Market reports and compilations, such as price lists and directories, can be used as evidence in court because they are commonly relied upon by the public or professionals. This means that even though they are technically hearsay, they are considered trustworthy enough to be admissible.
Worked example
In a dispute over the value of a rare collectible, a dealer presents a widely recognized price guide that lists the collectible's market value. The opposing party argues that the guide is hearsay, but the court admits it as evidence because it is a compilation that professionals in the industry regularly rely on. As a result, the court uses the price guide to determine the collectible's value.
Memory hook
Market reports: trusted voices in the crowd.
The trap
Students may confuse market reports with other types of hearsay that do not qualify for this exception. They might overlook the requirement that the report must be commonly relied upon by professionals or the public.
How examiners test it
Questions often present a scenario involving a dispute over valuation or industry standards, asking whether a specific market report can be admitted as evidence. Look for clues indicating reliance by professionals or the public to identify the hearsay exception.
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