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 prove.

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privity UK US /ˈprɪvəti/ noun [C or U]
LAW a legal relationship that exists between two people or groups who have both signed a contract or who are involved in the same business arrangement: »

privity of contract

Financial and business terms. 2012.


Look at other dictionaries:

  • 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, 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 —    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… …   Business law dictionary

  • privity — noun (plural ties) Etymology: Middle English privite privacy, secret, from Anglo French priveté, from Medieval Latin privitat , privatas, from Latin privus private more at private Date: 1523 1. a. a relationship between persons who successively… …   New Collegiate Dictionary

  • privity — /priv i tee/, n., pl. privities. 1. private or secret knowledge. 2. participation in the knowledge of something private or secret, esp. as implying concurrence or consent. 3. Law. the relation between privies. 4. Obs. privacy. [1175 1225; ME… …   Universalium

  • privity — noun /ˈpɹɪvɪti/ a) Privacy, secrecy. Him oft and oft I askt in priuitie, / Of what loines and what lignage I did spring [...]. b) The genitals. Having ended the delights of nature, they were wont to wipe their privities with perfumed wooll …   Wiktionary

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