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We use this expression to say that we trust and believe someone about something. Often it implies that we do not want to do something that we think is negative.
Written: No
Spoken: Yes
Formal: No
Informal: Yes
Example 1
Touch this - it's really hot!
No thanks. I'll take your word for it.
Example 2
This is the worst cheesecake I've ever tasted. Here, you try some.
No thanks. I'll take your word for it.
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