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Requests for Admission are formal statements made by one party in a lawsuit that the opposing party must either admit or deny. This legal tool is used during the discovery phase of litigation to establish certain facts as undisputed, thereby narrowing the issues to be resolved at trial. By requiring a party to admit or deny the truth of statements, Requests for Admission help streamline the litigation process, as they can clarify the matters upon which the parties agree or disagree.

In the context of the other options, oral requests recorded in a "trial-like" setting are not included in the definition of Requests for Admission, as these requests typically occur in written form. Written questions that must be answered by a party pertain more to interrogatories, which are a different type of discovery request. Finally, the requirement to turn over documents for inspection relates to document requests, not to the concept of admitting or denying specific statements. Thus, the statement that clearly defines Requests for Admission as statements that a party must admit or deny is the most accurate interpretation.