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.
In roman law, a nudum pactum was an informal agreement that was not legally enforceable, because it did not fall within the specific classes of agreements that could support a legal action.A pactum could, however, create an exception to or modification of an existing obligation.
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an agreement or correspondence in particular features between things otherwise dissimilar; in literature, the basis for metaphor… Consideration , Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
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U.S. law has adopted a 1677 English… Escrow , Skip to main content
Escrow
Escrow
Something of value, such as a deed, stock, money, or written instrument, that is put into the custody of a third p…
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Naked Contract