Korean Contract Law I

1. Formation of contract

• Offer, Invitation to treat
• Acceptance

2. Defects of consent

• Incapacity
• Corporations
• Mistake (Art. 109)
• Deception (Art. 110)
• Duress
• Illegality, contra bonos mores (Art 103)
• Fundamental unfairness (Art. 104)
• Lack of intention to create legal obligation (Art 107)
• Sham transaction (Art. 108)

3. Performance

• Tender
• Power to receive performance
• Accord and satisfaction
• Variation (Novatio)
• Set-off
• Deposit in court

4. Breach

• Delay
• Defence of simultaneous performance
• Repudiation
• Incomplete performance
• ‘Material’ breach

5. Remedies

• Enforcement of a claim
• Cure of incomplete performance
• Termination
• Damages
• Contributory negligence, mitigation of damage
• Restitutionary awards
• Action oblique, setting aside collusive dispositions, disgorgement order

6. Limitation of claims

• Substantive limitation of rights
• Limitation of actions

7. Discharge by frustration

• Impossibility of performance
• Incidence of risk

8. Agency

• Agency created by law
• Agency created by agreement
• Ostensible authority
• Unauthorised acts of an ‘agent’

9. Assignment

• Assignment of a claim
• Undertaking contractual liabilities

10. Third parties

11. Good faith

12. Contract interpretation