party to the action vs party to the transaction

party to the action and party to the transaction both are nouns.

Word	Noun	Adjective	Verb	Adverb
party to the action	Yes	No	No	No
party to the transaction	Yes	No	No	No

As nouns, party to the action and party to the transaction are synonyms defined as:

party to the action and party to the transaction: a party of people taking a role in legal proceedings

party to the action (noun)	party to the transaction (noun)
a party of people taking a role in legal proceedings	a party of people taking a role in legal proceedings