* Copyright infringement: The term paper is typically the intellectual property of the student who wrote it. Selling it without their permission is copyright infringement.
* Contract breach: Many universities have strict policies against plagiarism and academic dishonesty. Selling term papers facilitates this, violating the contract students enter into when enrolling. The institution could take disciplinary action against both the seller and the buyer.
* Fraud: Selling a paper implies that the buyer is receiving original work, when in reality, it's pre-written and likely plagiarized. This constitutes fraud, as the buyer is being deceived.
While the exact charges might vary (e.g., copyright infringement, fraud, aiding and abetting academic dishonesty), the act of selling college term papers is almost certainly illegal and carries significant legal and academic consequences.