Breach of Contract and Remedies in South Korea

Introduction

The law of contractual remedies in South Korea provides mechanisms for enforcing contractual obligations and compensating parties for losses resulting from breach. The remedial framework balances the interests of the innocent party with the need for predictable outcomes.

Damages

The primary remedy for breach of contract is damages. The objective is to restore the injured party to the position they would have occupied had the contract been performed. Damages are limited by principles of causation, remoteness, and mitigation.

Specific Performance

Specific performance is available as a primary remedy, particularly for obligations that are not purely monetary.

Rescission and Restitution

A contract may be rescinded in cases of misrepresentation, duress, undue influence, or mistake. Restitution restores benefits conferred under the contract.

Conclusion

The remedial framework in South Korea provides flexible and effective remedies for breach of contract, balancing compensation, specific relief, and restitution.