50-50 chances is a term used to describe a situation where there is an equal probability of two outcomes occurring. It is often used in sports, gambling, and other competitive activities. The term 'tossups' is a type of question used in quiz competitions, where the answer is not immediately obvious and requires some thought. Tossups are usually multiple choice questions with two possible answers, making it a 50-50 chance for the contestant to get the correct answer.