A special advantage, immunity, permission, right, or benefit granted to or enjoyed by an individual, class, or caste. See Synonyms at right. Such an advantage, immunity, or right held as a prerogative of status or rank, and exercised to the exclusion or detriment of others. The principle of granting and maintaining a special right or immunity: a society based on privilege. Law The right to privileged communication in a confidential relationship, as between client and attorney, patient and physician, or communicant and priest. An option to buy or sell a stock, including put, call, spread, and straddle. To grant a privilege to. To free or exempt.