Definition of: privilege

(priv′ə·lij) noun
1. A special or peculiar benefit, favor, or advantage; a right or immunity enjoyed only under special conditions; a prerogative, franchise, or permission: the privileges of the rich.
2. A special right or power conferred on or possessed by one or more individuals, in derogation of the general right; also, the law or grant conferring it.
3. An exemption, by virtue of one's office or station, from burdens or liabilities to which others are subject: the privilege of a member of Congress.
4. A fundamental or specially important legal or political right: the privilege of voting.
5. A form of contract used by speculators, but not recognized by the exchanges, giving the holder the privilege of putting (tendering to) or calling for, or either (in which latter case the privilege is called a straddle), a certain number of shares of a certain stock, or a specified quantity, as of grain or provisions, under specified conditions as to time and price. Compare OPTION.
6. An advantage. See synonyms under RIGHT.
—v.t. ·leged, ·leg·ing
1. To grant a privilege to.
2. To exempt or free: with from. [<OF <L privilegium a piece of special legislation <privus one's own + lex, legis law]