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The rationale for a party admission exception to hearsay exclusion can be mostly easily understood by reference to the rationale for the hearsay rule itself.
Affidavit evidence consisting of out-of-court statements, is not subject to cross-examination.
Affidavit evidence is thought to detract from the truth-finding mission of a trial.
The accuracy or credibility of affidavits lack the transparency that cross-examination exacts, but -- at least in civil cases -- a party may be cross-examined or give an explanation or denial of its admission.
In criminal cases, however, " modern psychological interrogation techniques can cause innocent suspects " to falsely admit to crimes.
Therefore, depending on the context, party admissions may advance, rather than detract from, the truth-finding mission.

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