Vertical Privity - Law Dictionary Search Results
Home Dictionary Name: vertical privityvertical privity
vertical privity 1 : privity between one who acquires property burdened with a restrictive covenant and those who executed the covenant [require vertical privity for a restrictive covenant to run with the land] 2 : privity between parties (as a manufacturer and retailer) who occupy adjoining levels in a system of product distribution ...
privity
privity pl: -ties [Old French privité privacy, secret, from Medieval Latin privitat- privitas, from Latin privus private] 1 : the direct connection or relationship between parties to a contract or transaction (as a purchase) [ of contract] see also horizontal privity, vertical privity NOTE: Formerly a suit for breach of warranty or negligence arising from a product could only be brought by a party to the original contract or transaction, and only against the party (as a retailer) directly dealt with. Only these parties had privity. Under modern laws and doctrines of strict liability and implied warranty, however, the right to sue has been extended to those, such as third-party beneficiaries and members of a purchaser's household, whose use of a product is foreseeable. 2 a : a mutual or successive interest esp. in the same rights of property (as by inheritance or purchase) ;also : the condition of having such an interest see also horizontal privity, vertical privity b : an ...
horizontal privity
horizontal privity 1 : the relationship between the parties to a covenant that is based on a mutual or successive interest in the land burdened or benefited by the covenant 2 : the relationship between the original supplier of a product and an ultimate user or a bystander affected by it used esp. in connection with breaches of warranty ...
Privity
Privity, participation in interest or knowledge. See PRIVIES....
vertical agreement
vertical agreement : an agreement among economic competitors on different levels of production or distribution that affects competition compare horizontal agreement NOTE: Unlike horizontal agreements, vertical agreements are not considered illegal per se under antitrust laws, but they must withstand judicial scrutiny to be held valid. ...
vertical price-fixing
vertical price-fixing : an illegal arrangement in which parties at different levels of a system of production and distribution act to fix the market price of goods ;esp : resale price maintenance compare horizontal price-fixing NOTE: Vertical price-fixing is a per se violation of antitrust laws. ...
vertical restraint
vertical restraint : a restraint of trade involving parties (as manufacturers and wholesalers) at different levels of a market structure ...
Landlord and tenant
Landlord and tenant. A tenancy arises when the owner of an estate inland, called the lessor or landlord, agrees expressly or by implication to allow another person, called the lessee or tenant, to enjoy the exclusive possession and use of the land for a period less than the landlord's estate in it, generally upon payment of rent. The landlord's estate is called the reversion, and at common law, a power of distress for rent is incident to the reversion.Leases or tenancies may be (1) for any agreed period such as for years or less, e.g., for a year, half-year, quarter or week; (2) from year to year; (3) at will; (4) on sufferance; or (5) they may arise upon estoppel; or (6) exist by force of a statute (see LEASE; INCREASE OF RENT). In a narrower sense the words 'tenancy' and 'landlord and tenant' are generally restricted to lease of a house or land for occupational purposes. If nothing appears to the contrary, either expressly or by implication, in the lease or agreement, the landlord is...
Release
Release [fr. relaxtio, Lat.], a gift, discharge, or renunciation of a right of action (see SURETY CON-SIDERATION); also a Common Law conveyance of a larger estate, or a remainder, or reversion to one already in possession, the operative verb in which is 'release'; hence the name. It operates or inures in five modes:-(a) By passing an estate to one or more already in possession (mitter l'estate), as where a coparcener conveys his estate to his coparcener, or where one of more than two joint tenants conveys his interest to one or more but not all of the others so as to sever that share. It also operates without mitter l'estate where one joint tenant releases his estate to the other, or all the other joint tenants so as not to create a severance. See Halsbury, L. of E., tit. 'Release.' In consequence of the privity between such parties, a fee-simple will pass without any words of limitation. Tenants in common, however, could not thus release to one another, since they had distinct interes...
Privies
Privies, those who are partakers or have an interest in any action or thing, or any relation to another. They have been said to be of six kinds:-(1) Privies in blood, such as the heir to his ancestor, or between coparceners.(2) Privies in representation, as executors or administrators to their deceased testator or intestate.(3) Privies in estate, as grantor and grantee, lessor and lessee, assignor and assignee, etc.(4) Privities, in respect of contract, are personal privities, and extend only to the persons of the lessor and lessee, or the parties to the contract or assignees upon a fresh contract or novation with the assignee.(5) Privies, in respect of estate and contract together, as where the lessee assigns his interest, but the contract between lessor and lessee continues, the lessor not having accepted the assignee in substitution.(6) Privies in law, as the lord by escheat, a tenant by the courtesy, or in dower, the incumbent of a benefice, a husband suing or defending in right of...
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