Based on the spin-rotation-invariant formulation of the Kotliar Rucken
stein slave-boson representation, the paramagnetic spin and charge sus
ceptibilities in the t-J model are calculated. Analyzing the static sp
in susceptibility, the instability of the paraphase towards incommensu
rate magnetic order is in agreement, with the saddle-point phase diagr
am recently obtained by some of the authors. The spin dynamics at arbi
trary frequencies, wave vectors and band fillings is calculated, where
the Fermi-surface and correlation effects are studied. The magnetic i
nstability region is investigated with respect to the formation of a c
ollective spin-fluctuation mode. Near the transition point, a kinetic
gap and a sharp peak in the spectral weight ((1,0) paramagnon) are obt
ained.