/ˈprɪvəti/ – Noun
Definition: 1. những quan hệ tài sản (căn cứ theo hợp đồng, quyền kế tục và những mối quan hệ khác);
2. sự có biết, sự đồng ý, sự cùng tham gia;
3. có chung quyền lợi.
A more thorough explanation: Privity refers to the legal relationship between parties who have a direct interest in a contract or legal action, such that they have mutual rights and obligations arising from that contract or action. It typically involves a close and direct connection between the parties involved, allowing them to enforce the terms of the contract or claim rights under the law.
Example: In the contract dispute, the court found that there was no privity of contract between the plaintiff and the defendant, therefore the plaintiff’s claim was dismissed.