privity

privity
   A direct contractual relationship between parties, such as exists between a consumer and a retailer, but not between a consumer and a wholesaler or manufacturer, who are farther away in the distribution chain. Contract law requires that there be privity for one party to enforce a contract by a lawsuit against the other party. See vertical privity.

Business law dictionary. 2015.

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  • privity — priv·i·ty / pri və tē/ n pl ties [Old French privité privacy, secret, from Medieval Latin privitat privitas, from Latin privus private] 1: the direct connection or relationship between parties to a contract or transaction (as a purchase) privity… …   Law dictionary

  • privity — priv‧i‧ty [ˈprɪvti] noun [uncountable] LAW the legal relationship existing between the people who have signed a contract, agreement etc: • A successful legal action for insider trading is unlikely, since privity would be virtually impossible to… …   Financial and business terms

  • Privity — Priv i*ty, n.; pl. {Privities} ( t[i^]z). [From {Privy}, a.: cf. F. privaut[ e] extreme familiarity.] [1913 Webster] 1. Privacy; secrecy; confidence. Chaucer. [1913 Webster] I will unto you, in privity, discover . . . my purpose. Spenser. [1913… …   The Collaborative International Dictionary of English

  • privity — (n.) early 13c., from O.Fr. privité (c.1200) privacy, a secret, from L. privus (see PRIVATE (Cf. private)) …   Etymology dictionary

  • privity — [priv′i tē] n. pl. privities [ME privete < OFr < L privus, PRIVATE] 1. a) private or secret knowledge, as shared between persons b) participation in this 2. Law a successive relationship to or mutual interest in the same property or rights …   English World dictionary

  • privity — In its broadest sense, privity is defined as mutual or successive relationships to the same right of property, or such an identification of interest of one person with another as to represent the same legal right. Petersen v. Fee Intern., Ltd., D …   Black's law dictionary

  • Privity — A legal interpretation in contract law where contracts are only binding on the parties signing the contract. The idea is that, contracts are private agreements among the signatory parties which should have no bearing on others who are not… …   Investment dictionary

  • Privity (law) — Privity is a well established component of the federal law of res judicata. A privy is bound with respect to all the issues that were raised or could have been raised in the previouslawsuit. Commissioner v. Sunnen, 333 U.S. 591, 597, 68 S. Ct.… …   Wikipedia

  • Privity of estate — is the concept in property law that there is a legal relationship between a landlord and a tenant, with shared rights and responsibilities. this relationship does not arise out of contract but connected through possession of the property on the… …   Wikipedia

  • privity of contract — the relationship between the parties privy to the contract, i.e. those who are direct parties to it. Until the passing of the Contracts (Rights of Third Parties) Act 1999, English law did not permit parties not in a relationship of privity to sue …   Law dictionary

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