• Journal of Arbitration Studies
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• v.24 no.3
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• pp.1-31
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• 2014

The foundation of the arbitration jurisdiction is the arbitration agreement entered into by the parties to a contract. Usually, only the signatory parties to a contract and the disputes arising from a contract that includes an arbitration clause or to which the arbitration clause relates are the ones that can be submitted to arbitration. This article discusses some of the arguments for extending the arbitration clause in complex arbitrations, that is, in those cases where there are more than two parties, more than two contracts or more than two parties and contracts. Particularly, this paper addresses multiple contract arbitration when the contracts are related. One of the arguments used by the arbitral tribunal for the extension of jurisdiction is the existence of a link between the contracts. Additional arguments include implied consent, participation in the negotiation and performance of a contract and good faith. The article also discusses some of the typical cases of linked contracts in many civil law countries, such as subcontracts, third party beneficiaries and standard terms of contracts, from which arbitral jurisdictions problems may arise. Finally, special attention is given to Article 14 of the 2008 Peruvian Arbitration Law as the first provision in an arbitration law in Latin America that extends the arbitration agreement to non-signatory parties using for this a mixed approach.

• Journal of the Korean Institute of Telematics and Electronics A
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• v.31A no.1
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• pp.17-25
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• 1994

We analyze risks andd present the requirements of digital multisignature in electronic contract systems where several persons contract a digital document electronically. We also apply a few digital multisignature schemes that have been developed so far, to the electronic contract system and propose a new digital multisignature scheme based on the Fiat-Shamir scheme. We investigate how these schemes satisfy with the requirements and evaluate their efficiency in terms of processing speed. communication complexity, and message length Owing to the high processing speed and the high degree of satisfaction to the requirements, the proposed scheme is suitable for electronic contract systems.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.62
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• pp.55-86
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• 2014

Korea has become a member of the United Nations Convention on Contract of the International Sales of Goods (the 'CISG') effective since March 1, 2005. As, therefore, the governing law of the general terms and conditions (the 'GTC') in the Government Foreign Procurement Contract (the 'Contract') is mandatorily fixed to the Korean Law, the CISG, as an International Convention, now having an equivalent or even higher status to the Korean Law, unless expressly excluded, will be priorly applied to the Contract where a transaction occurs between its members. In this regard, this study focuses on how to find the way for the CISG to be a governing law of the GTC in order to eliminate legal uncertainties and lacks of foreseeability prevailed in the international trade. For that purpose, the legal aspects of GTC, and the Buyer's remedy for the Seller's breach of the Contract are analyzed in accordance with the comparative study between the CISG and the GTC including the relevant case studies. As a result of this study, the application of the CISG into the GTC is highly recommended in order to reflect into the Contract such features as fairly harmonized for the interest of both parties. Taking this opportunity, a GTC, amended from the existing one, or newly formed, within the perimeter of not conflicting with the provisions of the CISG, including but not limited to the Civil Law and Commercial Law, is required in order to evenly share each party's responsibilities and obligations where the breach or remedy of the Contract is, and, thus, which will ultimately contribute to an efficient conduct of the Contract.

• Journal of the Korea Society of Computer and Information
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• v.25 no.1
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• pp.187-198
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• 2020

In this paper, We purpose an improvement plan for the settlement of smart contracts into legal norms through the recognition of the norms of blockchain-based smart contracts and the main influence factors on the norms of smart contracts. First, in terms of the normative necessity of smart contracts, legal protection against technical errors, government-level public relations education, and basic laws governing smart contract business are needed. Second, the contract norms will be accepted by the contract norms based on the blockchain designed to make the responsible material clear in terms of smart contract usability. Third, in terms of regulation of smart contracts, it can be seen that smart contracts are subsumed from existing laws or considering new legislation, but the norm of smart contracts cannot be prioritized over ease of use.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.1-22
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• 2016

This study primarily concerns the cases recently held as to the formation of contract under the CISG. In order to put forward the most plausible direction to interpret the rules on the formation of contract under the CISG, it particularly deals with the followings. First, it scrutinizes the rules on the formation of contract, focusing on the requirements of offer and acceptance, the time when such offer and acceptance become effective, the issues on the battle of forms. Second, it introduces two recent interesting cases regarding the formation of contract and provides legal and practical advice to the contracting parties when they intend to conclude a contract under the CISG as a governing law. The followings are practical points that the parties should consider when they enter into contract. First, as any signature or intial made in the offer could be regarded as an acceptance, the parties are required to clarify the meaning of such signature or initials before the conclusion of contract. Second, it is not necessarily required one's signature for an offer to become effective but his name. Third, standard terms cannot be incorporated into the contract simply by reference to web-page or other documents. In order for such terms to be incorporated, it may be necessary to enclose them in the offer or to bring the other party's attention to them. Forth, one should remember that an acceptance by act become effective not when such act is complete, but when it is performed.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.213-245
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• 2014

This study has significance in examining the formation requirements and notes for concluding the guarantee contract of minimizing interests and conflicts with the concerned parties by examining issues related to the legal relation and demand payment in the concerned parties and by figuring out the provisions of conformity related to the requirements for demand payment pertinent to the documentary provision in relation to characteristics of demand guarantee. What the concerned parties of using demand guarantee grasp the requirements for demand payment of being compliant with the essence and the guarantee condition of the demand guarantee will lead to possibly preventing a dispute caused by disagreement and being secured the fulfillment of underlying contract. To fulfill a underlying contract that is the objective of issuing the demand guarantee, an effort is needed that minimizes a contract-based risk and a cost by being fully aware of a relevant rule that will be recorded in the terms of payment in the demand guarantee, by reflecting the interests between the concerned parties, and by discussing the payment terms.

• Korea Trade Review
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• v.45 no.5
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• pp.279-301
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• 2020

In the absence of any guidance under statutory law, such as the Rules for Construction of Policy, MIA 1906, judges should follow the general principles of interpretation that apply to all contracts. In simple terms, Contra Proferentem Rule means that if the contents of the terms and conditions are ambiguous, they are interpreted against the writer of the terms and conditions. In the Anglo-American Contract Law, the 'default rule' is an important judicial tool that can supplement defects in contract norms and reinforce the principle of private autonomy through gap-filling techniques related to the interpretation of contracts. In Korea, it is sometimes mentioned in case of precedent, and it has been established as a clear rule. This study analyzes the interpretation of terms and conditions is not in the form that the interpretation of other general contracts and other interpretation principles are valid, but contracts based on terms and conditions are also contracts, and as a general rule, the interpretation of terms and conditions is explained like the general contract interpretation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.23
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• pp.93-127
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• 2004

A contract is made when both parties have reached agreement, or they are deemed to have. After contract the law recognizes rights and obligations arising from the agreement. In order to discover whether agreement was reached between these two parties, we have to analyse the process of negotiation. Recently The People's Republic of China legislated a New Contract Law, which has come into effect since 1st of October 1999. This Law adapts the rules of United Nations(Vienna) Convention on Contracts for the International Sale of Goods and the Unidroit Principles for International Commercial Contracts. And this law is now widely enforced to commercial transactions between individuals, enterprises or other economic organizations of the People's Republic of China and foreign enterprises. Therefore, the foreigner who wish to make a sales contract with Chinese should understand the rules of New Contract Law of China. According to this New Law only a contract which contain offer and acceptance is valid and binding, and it is also pointed out that terms of contact must be certain. Though an oral contract is usually equivalent to a written one, in a case of commercial transactions written contract with signature is desirable. The purpose of this paper is to analyze the new rules of this Law and the new features of their application to commercial transactions in China.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.57
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• pp.3-34
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• 2013

In the international sales contract, long-term contracts often face hardship in fulfilling the original contract terms by relevant parties due to rapid change and uncertainty of political and economic circumstance. In this case, party who faces hardship of fulfillment terminates contract or demands adaptation to contract condition but if opponent doesn't accept this, it proceeds to commercial dispute needing legal interpretation. Generally it is wise to set forth governing law in contract between parties in the case of international contract, for legal stability. One of universal governing law which relevant parties select by agreement to solve economical hardship of fulfillment is PICC. PICC defines the hardship in detail for renegotiation on following hardship of fulfillment unexpected. In the case of failing renegotiation, Court(arbitral tribunal) conducts termination to contract or adaptation to contract condition through arbitration or mediation. In conclusion, when signing international long-term contract, it is desirous to handle dispute effectively by inserting provisions which can deal with economical hardship in contract or defining PICC as governing law in the case of hardship incurred. It is because it is realistic to handle dispute smoothly to the extent that both parties can be satisfied in the case of hardship incurred, though international contract should be fulfilled.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.66
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• pp.95-118
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• 2015

This study examines the Buyer's Remedies in respect of Defects in Title under SGA. As SGA divides contractual terms into a condition and a warranty, its effects regarding a breach of a condition or a warranty are different. Where a stipulation in a contract of sale is a condition, its breach may give rise to a right to treat the contract as repudiated and to claim damages. Where there is a breach of a warranty in a contract of sale, the aggrieved party may have a right to claim damages. Regarding a breach of a condition under SGA s 12(1), although the buyer may have his right to terminate the contract, he may lose that right when he accept or is deemed to have accept the goods by intimating his acceptance to the seller, acting inconsistently with the ownership of the seller, or retaining the goods beyond a reasonable time without rejecting them. Furthermore, the buyer may claim the estimated loss directly and naturally resulting from seller's breach. SGA contains the principle of full compensation and so the suffered loss and the loss of profit are compensable. As to specific performance under SGA, the court has been empowered to make an order of specific performance to deliver the goods in conformity with the terms of the contract and so it is not a buyer's right. This order should be made only where the goods to be delivered are specific or ascertained goods and the court must think fit to grant the order. However, among these remedies, the buyer cannot have the right to terminate the contract where there is a breach of warranty by the seller under SGA s 12(2).