A complaint must contain a short and plain statement showing entitlement to relief. What that requires has been refined into a plausibility standard.

Two steps. The court disregards legal conclusions couched as factual allegations, then asks whether the remaining well-pleaded facts plausibly give rise to an entitlement to relief.

Plausible, not probable. More than a sheer possibility of unlawful conduct, less than a probability. Where the facts are equally consistent with lawful conduct, the claim does not cross the line.

Judicial experience and common sense inform the assessment, which introduces a context-sensitivity that makes outcomes harder to predict.

Information asymmetry. Where the facts are in the defendant’s exclusive control, courts differ in their willingness to relax the standard. Pleading on information and belief remains permissible where the belief is based on factual information making it plausible.

Heightened pleading for fraud and mistake requires the circumstances to be stated with particularity, while intent may be alleged generally.

Attachments and incorporation. Documents attached or incorporated by reference are considered, and a contract attached that contradicts the allegations controls. Plaintiffs should attach documents deliberately.

Amendment. Leave is freely given, but repeated failure to cure and futility are grounds for denial, so the second attempt should be the strong one.