privity


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Privity

A close, direct, or successive relationship; having a mutual interest or right.

Privity refers to a connection or bond between parties to a particular transaction. Privity of contract is the relationship that exists between two or more parties to an agreement. Privity of estate exists between a lessor and a lessee, and privity of possession is the relationship between parties in successive possession of real property.

privity

n. contact, connection or mutual interest between parties. The term is particularly important in the law of contracts, which requires that there be "privity" if one party to a contract can enforce the contract by a lawsuit against the other party. Thus, a tenant of a buyer of real property cannot sue the former owner (seller) of the property for failure to make repairs guaranteed by the land sales contract between seller and buyer since the tenant was not "in privity" with the seller. (See: contract)

privity

noun affiliation, attachment, connecting medium, connection, contractual bond, derivative interest, interconnection, legal relationship, link, mutual relationnhip, mutuality of interest, nexus, relation, relationship, successive relationship, tie
Associated concepts: privity of contract, privity of estate, privity of possession
See also: chain, nexus

PRIVITY. The mutual or successive relationship to the same rights of property. 1 Greenl. Ev. Sec. 189; 6 How. U. S. R. 60.

References in periodicals archive ?
In the early to mid-1900s, courts reconsidered the principles behind the requirement of privity.
reasonably wish to exclude the FBI from gaining privity to their
me are pleased to have Privity as our partner as we secure our Series A round of funding," said Sean Dennis, Ribbit.
The reality is, as Justice Pariente acknowledges, that the "contractual privity form of the economic loss rule provided a simple way to dismiss tort claims interconnected with breach of contract claims.
This may lead the lender to perceive and expect that the CPA is acting as a de facto CFO or controller, which may create a privity relationship between the CPA and the lender.
Michigan law does not require that plaintiff have a link such as privity, a bond approaching privity, or a fiduciary relationship with the defendant in order for a duty of reasonable care to exist.
There is general agreement that the first important innovation in products liability law was the abandonment of the privity doctrine of Winterbottom v.
as wholesalers and retailers," (80) or rather a lack of privity.
However, the court held that privity was not required, if there is some independent basis for the existence of a legal duty-apart from the "consensual transaction" between a physician and patient-that arose out of the unique circumstance of the case.
The assault upon the citadel of privity is proceeding in these days apace.
Many recent court decisions have denied such theft losses citing, in part, a need for direct privity between the victim (taxpayer) and perpetrator of the fraud when a stockbroker is used.
The party against whom collateral estoppel is asserted must have been a party or in privity with a party to the prior adjudication.