Also known as: market reports · commercial publications · hearsay exception · market reports exception
Written by attorneys · grounded in primary & secondary sources — see below
A hearsay exception admitting market quotations, lists, directories, or other compilations generally relied on by the public or by persons in particular occupations. The exception rests on the absence of motive to falsify and the likelihood that public use will expose and deter errors.
Marathon Logistics sued a supplier for breach after fuel costs spiked. To prove the market price at the time of contracting, Marathon offered a published commodity price report from a widely circulated industry directory. The court admitted the report under the market reports exception because the directory was generally relied on by traders and the compilation process discouraged inaccuracies.
Michelle Murphy claimed she had properly notified Momentum Capital of a change of address. Momentum offered excerpts from a commercial telephone directory listing Murphy's prior address as current. The court received the directory pages under the market reports exception because the publication was routinely consulted by the public and businesses for contact information.
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Majestic Construction sought damages after a storm allegedly delayed its project. It offered a published weather report showing high winds on the relevant dates. The court admitted the report under the market reports exception because the compilation was generally relied on by contractors and the public and carried no apparent motive for distortion.
Mosaic Retail alleged price-fixing by suppliers and offered published market quotations to establish baseline prices. The court received the quotations under the market reports exception because the lists were compiled for public use in the trade and errors would have been quickly corrected by users.
Malcolm McKinley sued a manufacturer for product defects and offered pages from a commercial directory listing the defendant's regional offices. The court admitted the directory under the market reports exception because the publication was generally consulted by the public and industry participants.
Maya Malik was prosecuted for securities fraud. The government offered published stock price quotations to show the market reaction to the alleged misstatements. The court admitted the quotations under the market reports exception because the compilations were routinely relied on by investors and carried strong assurances against error.
The exception covers market quotations, lists, directories, and other compilations that the public or persons in particular occupations generally rely on. Courts have admitted weather reports, stock prices, commodity prices, and telephone directories when the compilation process and public use supply trustworthiness.
No. The exception appears in Rule 803 and therefore applies regardless of the declarant's availability. It rests on the inherent reliability of the compilation rather than on the unavailability of any particular person.
Market reports need only be generally relied on by the public or a trade. They need not be established as reliable authority through expert testimony or judicial notice. Learned treatises, by contrast, must be shown to be reliable authority and may be read into evidence only through or in conjunction with an expert witness.
Yes. Unlike the learned treatises exception, the market reports exception contains no restriction against receiving the document itself as an exhibit. The report may be admitted in full if it otherwise satisfies the rule.
…statement was inadmissible under the Confrontation Clause of the Sixth Amendment, it was admissible under a “firmly rooted” hearsay exception for statements against penal interest and that admitting it did not violate the Constitution. We granted certiorari to determine whether the State’s use of Sylvia’s statement violated the…