The Collaborative International Dictionary of English v.0.48:

Paramagnetism \Par`a*mag"net*ism\, n. (Physics)
   A property of materials which are not magnetized in the
   absence of an external magnetic field, but in which the
   magnetic moments of their constituents align with and enhance
   an applied magnetic field; the induced magnetic field of the
   substance is in direct proportion to the strength of the
   applied magnetic field; -- opposed to diamagnetic and
   contrasted with ferromagnetic. --Faraday.
   [1913 Webster]

WordNet (r) 3.0 (2006):

paramagnetism
    n 1: materials like aluminum or platinum become magnetized in a
         magnetic field but it disappears when the field is removed