Korean Contract Law II
1. Contract of Sale
(1) Deposit (Arrhes)
(2) Option contract
(3) Seller’s obligations
- Seller’s obligation to transfer title of a ‘specific’ property
- Seller unable to deliver the thing sold, or buyer evicted (Arts. 570, 571)
- Partial failure of consideration (Where, unbeknownst to the buyer, a portion of the title of the property belongs to a third party) Art. 572
- Shortage of quantity, partial destruction at the time of the contract (Art. 574)
- ‘Hidden’ charges and encumbrances
- Property subject to Mortgage, Jeon Se Gwon (registered lease/loan with a right of foreclosure) Art. 576
- Protecting the buyer in an ‘official’ auction (Art. 578)
- Sale of receivables. Art. 579
- Seller’s liability in respect of defect of a ‘specific’ property
- Sale by Description
- Breach of warranty, Breach of contract, Rescission for deception or mistake
- Exclusion of warranty