naked contract |
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Definition
Agreement without a consideration, hence just a promise. Naked agreements (unless made by a deed) are not binding in law, and are called 'nudum pactum' (Latin for, naked contract) governed by the legal maxim 'ex nudo pacto non oritur actio' (a right of action does not arise from a naked contract). Also called naked agreement.
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naked contract is in the Agreements & Contracts and Corporate, Commercial, & General Law subjects.
naked contract appears in the definitions of the following terms: bare contract and bare agreement
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