Legal Definition
A formal declaration or assertion of a fact, belief, or claim made by one party in a legal context. In contract law, this refers to the specific written or oral assertions made regarding the rights or obligations of the parties involved.
Plain-English Translation
It's a formal way to say 'this is true' or 'this is what happened,' often used when someone says something important about a situation or a claim. In law, it means clearly stating a fact or position that needs to be proven or acknowledged.