privity |
|
Definition
Legal relationship and mutuality of interests and obligations, close enough to support legal claims amongst the involved parties. It arises from participation in (or knowledge of) an event, proceeding, or transaction, and no outside party (even though affected by the outcome of the association) can take legal action with regard to it. For example, the customers of a retailer cannot take direct action against the retailer's supplier.
email to a friend
print this definition
cite this definition
link to this page
privity is in the Corporate, Commercial, & General Law subject.
privity appears in the definitions of the following terms: collateral contract and accessoriness
privity appears in these other terms: privity of estate, privity of contract
This content can be found on the following page:
http://www.businessdictionary.com/definition/privity.html