Meaning of privity

priv•i•ty

Pronunciation: (priv'i-tē), [key]
— pl. -ties.
  1. private or secret knowledge.
  2. participation in the knowledge of something private or secret, esp. as implying concurrence or consent.
  3. the relation between privies.
  4. privacy.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.