naked contract

naked contract
From the Latin term nudum pactum, or "bare promise" An agreement between two parties that is without any legal effect because no consideration has been exchanged between the parties. A naked contract is unenforceable.

Dictionary from West's Encyclopedia of American Law. 2005.


naked contract
From the Latin term nudum pactum, or "bare promise" An agreement between two parties that is without any legal effect because no consideration has been exchanged between the parties. A naked contract is unenforceable.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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  • naked contract — ➔ contract1 * * * naked contract UK US noun [C] ► (also nude contract, or FORMAL nudum pactum) LAW an informal agreement that is not considered legal in a court of law: »A naked contract is not enforceable …   Financial and business terms

  • contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… …   Law dictionary

  • naked — [nā′kid] adj. [ME < OE nacod, akin to Ger nackt < IE base * nogw , naked > Sans nagná , L nudus] 1. a) completely unclothed; bare; nude b) uncovered; exposed: said of parts of the body 2. lacking clothing, means of support, etc.;… …   English World dictionary

  • naked — Bare; wanting in necessary conditions; incomplete, as a naked contract (nudum pactum), i.e., a contract devoid of consideration, and therefore invalid; or, simple, unilateral, comprising but a single element, as a naked authority, i.e., one which …   Black's law dictionary

  • naked — Bare; wanting in necessary conditions; incomplete, as a naked contract (nudum pactum), i.e., a contract devoid of consideration, and therefore invalid; or, simple, unilateral, comprising but a single element, as a naked authority, i.e., one which …   Black's law dictionary

  • contract — a legally binding agreement between two or more parties. Glossary of Business Terms A legally enforceable agreement between two or more parties for performing, or refraining from performing, some specified act; e.g., delivering 5,000 bushels of… …   Financial and business terms

  • Contract — A term of reference describing a unit of trading for a financial or commodity future. Also, the actual bilateral agreement between the buyer and seller of a transaction as defined by an exchange. The New York Times Financial Glossary * * * ▪ I.… …   Financial and business terms

  • Naked Women's Wrestling League — Acronym NWWL Founded 2004 Defunct sometime in 2009 Owner(s) Howard Mann …   Wikipedia

  • Naked (Louise album) — Naked Studio album by Louise Released 24 June 1996 Genre …   Wikipedia

  • Naked Killer — Directed by Clarence Fok Yiu leung Produced by Wong Jing …   Wikipedia

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