Privity is a legal concept that pertains to the relationship between parties to a contract. It typically refers to the direct relationship between those who are party to a contract, enabling them to enforce its terms or claim its benefits. In essence, privity establishes who can sue or be sued under a contract, limiting legal actions to those directly involved in the contractual agreement. However, in modern legal systems, there are exceptions and extensions to the privity rule, allowing certain third parties to enforce contractual rights or obligations under specific circumstances, such as beneficiaries of a trust or individuals with a close relationship to the contracting parties.
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This glossary post was last updated: 29th March 2024.
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