Vertical Privity at Legal Glossary
What is it? A legal relationship in corporate law that exists between companies in the chain of distribution of a product. This relationship creates responsibilities between the companies involved, including being liable for defects in the product. For example, vertical privity exists between the manufacturer of a car and the dealership that sells it. Therefore, both the dealer and the manufacturer are liable for defects in cars sold by the dealership.Law Definition Added By: Mckenna
The Vertical Privity definition has been viewed 1267 Time(s)!
Send To Friends!
If you'd like to send the Vertical Privity definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Vertical Privity. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Legal Terms:
Law Terms circuit court is The name used for the principal trial court in many states. In the federal system, appellate courts are organized into thirteen circuits. Eleven of these cover different geographical areas of the country -- for example, the United States Court of Appeal for the Ninth Circuit covers Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon and Washington. The remaining circuits are the District of Columbia Circuit and the Federal Circuit, (which hears patent, customs and other specialized cases based on subject matter). The term derives from an age before mechanized transit, when judges and lawyers rode the circuit of their territory to hold court in various places.Law Terms prayer for relief is What the plaintiff asks of the court -- for example, the plaintiff may ask for an award of monetary damages, an injunction to make the defendant stop a certain activity, or both.
Law Terms durable power of attorney for finances is A legal document that gives someone authority to manage your financial affairs if you become incapacitated. The person you name to represent you is usually called your agent or attorney-in-fact.
Law Terms quasi-community property is A form of property owned by a married couple. If a couple moves to a community property state from a non-community property state, property they acquired together in the non-community property state may be considered quasi-community property. Quasi-community property is treated just like community property when one spouse dies or if the couple divorces.
Law Terms Americans With Disabilities Act (ADA) is A federal law that prohibits discrimination against people with physical or mental disabilities in employment, public services and places of public accommodation, such as restaurants, hotels and theaters.