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Privity Of Contract
A doctrine in contract law that states only the parties involved in the contract have the right to sue or be sued on its terms.
Lease
A contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset for a specified period of time.
Agency
In legal terms, an agency refers to a relationship in which one party, known as the agent, is authorized to act on behalf of another party, known as the principal, in business transactions with third parties.
Privity Rule
A doctrine stating that only parties to a contract can sue or be sued on the contract's terms, restricting the rights of external parties.
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