Realty
Contact, connection or mutual interest between parties. the term is particularly important in the law of contracts, which requires that there be “privity” if one party to a contract can enforce the contract by a lawsuit against the other party. thus, a tenant of a buyer of real property cannot sue the former owner (seller) of the property for failure to make repairs guaranteed by the land sales contract between seller and buyer since the tenant was not “in privity” with the seller.
