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.
News containing the term privity
Loading...
http://www.businessdictionary.com/definition/privity.html
