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, bare agreement, bare contract.
Related Articles
- Understanding the True Cost of Credit Cards *
- Pros and Cons of Leasing vs Buying a Vehicle *
- Water Cooler Advice vs. A Financial Planner... No contest *
- Tax Implications of Different Types of Investments *
- Equity Derivatives *
- Stock Regulations *
- How to Budget for Post-Secondary Education *
- Common and Preferred Stock *
Related Videos
http://www.businessdictionary.com/definition/naked-contract.html
