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of <h1>Contract privity doctrine prevents third parties from gaining rights or facing obligations under agreements they didn't sign</h1> The doctrine of privity establishes that contracts cannot confer rights or impose liabilities on persons who are not parties to the agreement. This principle has two key aspects: only contracting parties are entitled to benefits or bound by obligations under the contract, and parties cannot impose liability on third parties. Consequently, third parties cannot acquire rights under contracts they did not sign. Courts have recognized this as settled law, with limited exceptions including trust arrangements, family settlements, and assignments. This fundamental principle extends to arbitration agreements, where only parties to the arbitration agreement are bound or benefited by such arrangements, as reflected in international conventions and arbitration legislation.
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