Microprocessor
The output data lines of microprocessor and memories are usually tristated because

 More than one device can transmit information over the data bus by enabling only one device at a time
 More than one device can transmit over the data bus at the same time
 It increases the speed of data transfer over the data bus
 The data line can be multiplexed for both input and output

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Microprocessor
A high on RESET OUT signifies that

 all the registers of the CPU are being reset
 processing can begin when this signal goes high
 all the registers and counters are being reset
 all the registers and counters are being reset and this signal can be used to reset external support chip

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