The Collaborative International Dictionary of English v.0.48:

paramagnet \par`a*mag"net\ n.
   A substance exhibiting paramagnetism, i.e. a substance
   whose magnetization is proportional to the strength of the
   magnetic field applied to it.
   [WordNet 1.5]

WordNet (r) 3.0 (2006):

paramagnet
    n 1: magnet made of a substance whose magnetization is
         proportional to the strength of the magnetic field applied
         to it