Definitions of "privity"
  1. The direct relation or connection that exists between parties involved in a contract or transaction, such as a purchase
  2. A shared or sequential interest, specifically in the same property rights, which could stem from inheritance or acquisition
  3. An interest in a deal, agreement, or action that doesn't come from direct involvement but rather from being related to one of the participants or from having an identical interest in the original subject matter
  4. The shared or individual comprehension of a private issue
How to use "privity" in a sentence
  1. Although not directly involved in the transaction, the lender was in privity due to their relationship with one of the parties.
  2. The siblings found themselves in privity when they shared an interest in the property they inherited from their parents.
  3. Having purchased identical shares in the company, the investors were in privity with respect to their investment.

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