The term “privy” refers to a person or entity who is in privity with another. For instance, when two parties enter into a contract, each is the other’s privy in contract. Related entries Privity Four Types of Internet Contract Formations Vinculum Juris Integration Clause Illusory Promise Penal Damages Indemnity Clause Lack of Consideration vs. Failure of Consideration Accord and Satisfaction Chance Bargain