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Privity of contract refers to the legal concept that only parties who have entered into a contract are bound by its terms and can enforce them. Essentially, it means that individuals or entities who are not part of the original contract generally cannot claim rights or obligations under it. This principle protects the autonomy and intentions of the contracting parties while ensuring clarity and certainty in legal agreements. However, there are exceptions and instances where third parties might be able to assert rights, such as when they are explicitly mentioned as beneficiaries or when certain conditions are met.