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Evasion, Physical Defense, and Magic Resist are the basic defensive stats you will find on nearly all pieces of armor. Evasion is a dodge effect. Physical Defense and Magic Resist are similar, in that a Resist is the magic equivalent of a Block. Physical Defense can occur via either Shield Defense (Block) or Weapon Defense (Parry).
Of Evasion, Shield Defense, and Weapon Defense, these effects will only have a chance to occur when higher than the opponent's Accuracy, and only the highest of these will proc. For this reason, each class has a preferred defensive stat. Those characters that would normally equip a shield (Templar and Cleric) will prefer Shield Defense (Block). Rangers and Assassins, with melee weapons, no shield, and minimal defense from armor, should choose Evasion. Likewise, Sorcerers and Spiritmasters will only be able to make use of Evasion.
Gladiators and Chanters have abilities and skills that buff their weapon defense, making Parry, or Weapon Defense, the defensive choice for those classes.
Finally, basic HP increases the character's hit points, enabling them to survive marginally more damaging attacks. Of course, those classes wearing cloth and leather armor will not be able to withstand a sustained attack for long, regardless of their HP-stacking.