13:15
ive heard the conversion rate for gulc group interview is pretty high even moreso if you have the stats
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Simple English definitions for legal terms
nude contract
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A quick definition of nude contract:
A nude contract is an agreement that is not legally enforceable because it does not have something called "consideration." Consideration is like a promise or something of value that each person gives to the other in the agreement. Without it, the agreement is like a bare promise that cannot be enforced in court. However, sometimes a nude contract can change or add to an existing obligation.
A more thorough explanation:
A nude contract, also known as a nudum pactum, is an informal agreement that is not legally enforceable because it lacks consideration. Consideration is something of value that is exchanged between parties in a contract. Without consideration, a contract is considered unenforceable.
In Roman law, a nudum pactum was an agreement that did not fall within the specific classes of agreements that could support a legal action. However, it could create an exception to or modification of an existing obligation.
For example, if John promises to give Jane $100 as a gift, but Jane does not promise anything in return, this would be considered a nude contract because there is no consideration exchanged. If John fails to give Jane the $100, she cannot legally enforce the agreement because it is not a valid contract.