Reliance refers to the act of depending on or trusting in the truth or validity of a statement made by another party, often in the context of forming a contract. In legal terms, it is crucial when assessing claims of misrepresentation or fraud, as it helps determine if a party has suffered harm due to their trust in false statements made by another. Reliance can establish whether damages are warranted, highlighting the importance of honesty and integrity in contractual agreements.
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