Privity
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.
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A contractual agreement by which one party conveys an estate in property to another party, for a limited period, subject to various conditions,…
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Privity