a legally recognized relationship existing between two parties, such as that between lessor and lessee and between the parties to a contract
privity of estate
privity of contract
2.
secret knowledge that is shared
Word origin
C13: from Old French priveté
privity in American English
(ˈprɪvɪti)
nounWord forms: pluralˈprivities
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, established by law or legalized by contract, as between a testator and legatee, lessor and lessee, etc.