Abstract. In this two-part paper we present paranormal modal logic: a modal logic which is both paraconsistent and paracomplete. Besides using a general framework in which a wide range of logics including normal modal logics, paranormal modal logics and classical logic can be defined and proving some key theorems about paranormal modal logic (including that it is inferentially equivalent to classical normal modal logic), we also provide a philosophical justification for the view that paranormal modal logic is a formalization of the notions of skeptical and credulous plausibility.