https://legal.excellentwiki.com/south-korea/contract-law/Recent content in Contract Law on ExcellentWiki - Legal EncyclopediaHugoen-USTue, 07 Jul 2026 00:00:00 +0000https://legal.excellentwiki.com/south-korea/contract-law/south-korea-contract-law/Tue, 07 Jul 2026 00:00:00 +0000https://legal.excellentwiki.com/south-korea/contract-law/south-korea-contract-law/<h2 id="introduction">Introduction</h2> <p>South Korean contract law is codified primarily in <strong>Part III (Obligations) of the Civil Code</strong> (민법, Act No. 471, 1958), which draws heavily from the German <strong>Bürgerliches Gesetzbuch (BGB)</strong> via Japanese civil law. The Code governs the formation, performance, breach, and remedies for contracts. The principle of <strong>good faith</strong> (신의성실의 원칙, Article 2) serves as a foundational norm permeating all contractual relationships.</p> <h2 id="contract-formation">Contract Formation</h2> <h3 id="offer-and-acceptance">Offer and Acceptance</h3> <p>A contract is formed by agreement between offer and acceptance (Articles 527–534). The Civil Code follows the <strong>reception theory</strong> (Empfangstheorie): an acceptance takes effect when it reaches the offeror (Article 531). The offeror may withdraw an offer if the withdrawal reaches the offeree before or simultaneously with the offer.</p>