Define and Discuss Horizontal and Vertical Privity

question 52

Essay

Define and discuss horizontal and vertical privity. Explain the effect of the Code and the courts on the concept of privity of contract.

---

Definitions:

Competition

The rivalry among sellers in the market striving for a greater share of profits by offering the best possible terms to consumers.

New Products

Goods, services, or technologies that have been recently developed and introduced to the market.

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the total output produced by firms in the market over a long period, assuming input factors are variable.