• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.12
• /
• pp.461-494
• /
• 1999

This study is to analyse the applicability of governing law in multi-party contractual relationship of letter of credit. And this study is also to suggest the limits of the possibility of applicable law in multi-party contract. The contract of letter of credit constitutes complex relationship, i.e., applicant -beneficiary, applicant-issuing bank, issuing bank-intermediary bank ect. The law applicable to letter of credit should not use a singular governing law in all credit transaction as sales contract. To solve these problems, the author analysed the law applicable to the credit under multi-party contractual relationship as follow : (1) the principle of party autonomy (2) In the absence of express agreement with regard to the law applicable to the contract, lex loci contractus, lex loci solutionis, the law intended by the parties, the law with which contract is most closely connected. Accordingly, when attempting to ascertain the law governing the credit, it should be borne in mind that the credit involves several contractual relationships. I would like to conclude as follows: 1. The contract between the applicant and the Issuing bank is to be governed by the law of the country where the contract is made, and in which the bank carries on business and has issued the credit. 2. When it comes to the beneficiary-Intermediary bank relationship the following rule is given : The liability of an intermediary bank to the seller is governed by the law the country where the intermediary bank is operating if it is acting as principal. If, however, it is acting as agent(advising bank), it will be the law of the country where his principal is situate. 3. The contract between the beneficiary and the Issuing bank is governed by the law of the country where the payment is to be performed. 4. The contract between the Issuing bank and Intermediary bank is governed by 1) the law of the issuing bank is applicable if the intermediary bank only advises the credit, 2) the law of the issuing bank is applicable but if the intermediary bank makes payment, accepts or negotiates drafts against the tender of the documents, i.e., act as the bank dffecting the payment., 3) the law of the confirming bank is applicable if the irrevocable letter of credit is confirmed by the intermediary bank

• The Journal of the Korea institute of electronic communication sciences
• /
• v.14 no.4
• /
• pp.627-636
• /
• 2019

The Radio Law was revised twelve times since the full revision in 2000, and now it is equipped with the current status of securing radio resources, distribution and allocation of radio resources, utilization of radio resources, protection of radio resources and promotion of radio waves, which can be evaluated to include the legal nature of securing radio resources and propagation beyond the simple administrative legal nature of radio resources. The legal system in the telecommunication sector is also being improved, and the Radio Law is also supplementing the weak points through two revisions. The domestic radio law, and it is considered to form a legal system for promoting the effective allocation and utilization of resources in accordance with the changes in radio wave usage environment. It can be evaluated that it has become a law related to radio promotion and competition in the existing simple administrative law. It is considered necessary to adjust the detailed regulations for each type of use.

• The Korean Society of Law and Medicine
• /
• v.15 no.2
• /
• pp.31-60
• /
• 2014

In this paper the good Samaritan civil liability is argued. In many cases some damage could be caused by an emergency medical service. In such situations the degree of duty of care taken by the service provider would be alleviated depending upon the degree of emergency. Then the service provided by anyone not carrying any duty to do so could be generally ruled by the 'Korean Civil Act' Article 735. This article is related to the management of affairs in urgency. The application of this article means the mitigation of civil liability of the service provider. If the service provider not carrying any duty to provide it "has managed the affairs" of the service "in order to protect the" victim "against an imminent danger to the latter's life", the provider "shall not be liable for any damages caused thereby, unless he acted intentionally or with gross negligence". Korea has another rule applied in such a situation, that is the Korean 'Emergency Medical Service Act' Article 5-2. This article is established for the exemption from responsibility for well-intentioned emergency medical service. It could be referred to as the Good Samaritan law. It provides: "In cases where no intention or gross negligence is committed on the property damage and death or injury caused by giving any emergency medical service or first-aid treatment falling under any of the following subparagraphs to an emergency patient whose life is in jeopardy, the relevant actor shall not take the civil liability ${\cdots}$" In this paper the two articles is compared in the viewpoints of the requirements for and effects of the application of them respectively. The 'Korean Civil Act' Article 735 is relatively general rule against the the Korean 'Emergency Medical Service Act' Article 5-2 in the same circumstance. Therefore the former could be resorted to only if any situation could not satisfy the requisites for the application of the latter. In this paper it has suggested that the former article be more specific for the accuracy of making decision to apply it; and that the latter be revise in some requirements including the victim, the service provider, and the service.

• Journal of Korean Philosophical Society
• /
• v.148
• /
• pp.1-27
• /
• 2018

The 10th constitution established in 1987 serves as the theoretical foundation of democracy in South Korea in the 21st century. Respect for human rights, resistance to injustice, and equality consciousness inherent in this constitution do not conflict with the content of Confucian philosophy. This means that the spirit of the constitution of South Korea in the 21st century was formed under the influence of the idea of democracy and Confucian philosophy. However, the 10th constitution attaches importance to the idea of the 'Basic free and democratic order', which was accepted in the Yushin constitution and inherited by the military forces. The Yushin constitution was affected by liberalism that prioritizes freedom over equality rather than supporting the compatibility between freedom and equality. Therefore, policies to expand the interests of the bourgeoisie rather than public welfare or the interests of the public have been implemented frequently. In particular, during the Lee Myeong-bak and Park Geun-hye regimes, many unequal phenomena were mass-produced. Confucian philosophy in the 21st century critically sees this unequal society. Confucian philosophy thinks that a sense of relative deprivation plays a role of alienating humans and emphasizes the importance of equal relationships. In addition, this constitution emphasizes the rule of law. However, the rule of law attaches importance to positive laws when the spirit of the constitution that contains natural law is applied to reality through systems. This rejects autonomous judgments and choices while inducing reliance on heteronomy. These heteronomous laws as such are accompanied by forcibleness. The positive laws as such can degrade humans into passive beings that indiscriminately adapt themselves to frames already set instead of active beings that think freely and creatively. Confucian philosophy regards and criticizes the rule of law as a system that makes humans into a means. Confucian philosophy regards humans as moral beings instead of tools. Confucian philosophy seeks to build a healthy society through morality accomplished through conscious realization of the principles of life. Confucian philosophy regards humans as originally free beings. Therefore, human beings are autonomous beings, not heteronomous beings. According to Confucian philosophy, humans beings that can realize the morality contained in their inner side by themselves to responsibly carry out their own judgments and choices. Therefore, Confucian philosophy, which considers human beings as beings to be trusted instead of beings to be distrusted, attaches importance to the realization of human decency through edification rather than by punishment through the law. This means that human values cannot be kept by the heteronomy termed positive laws but the identity of humans can be maintained by voluntary choices and judgments. As such, the comment of Confucian philosophy on the problems of liberal democracy and positive laws contained in the 10th constitution can be helpful in essentially solving the contradictions of modern South Korean society.

• The Korean Society of Law and Medicine
• /
• v.14 no.2
• /
• pp.49-80
• /
• 2013

The Issuance of false medical certificates on Criminal Law or the Medical Service Act are frequently applied to the insurance fraud cases related with the medical certificate, prescriptions. The meaning of medical certificate is not defined on the crime of Issuance of false medical certificates, but considering the rule of Paragraph 1 of Article 17 of the Medical Service Act, which punishes drawing up the medical certificate by anyone except the doctor who has directly examined, and the principle of legality, the medical certificate applied with the crime of Issuance of false medical certificates should (1) include the judgment after current medical ex-amination, (2) be written for the purpose of verifying the health status and (3) have a style that can be recognizable as medical document usually written by doctors. In addition, since there have been many argues on the range of application of the Paragraph 1 of Article 17 of the Medical Service Act, which generally regulates various kinds of documents such as medical certificates, prescriptions and others, which have different purpose and characters, the range of application of the clause above is needed to be interpreted strictly.

• Steel and Composite Structures
• /
• v.30 no.6
• /
• pp.603-615
• /
• 2019

In the present work, free vibration of beams made of imperfect functionally graded materials (FGMs) including porosities is investigated. Because of faults during process of manufacture, micro voids or porosities may arise in the FGMs, and this situation causes imperfection in the structure. Therefore, material properties of the beams are assumed to vary continuously through the thickness direction according to the volume fraction of constituents described with the modified rule of mixture including porosity volume fraction which covers two types of porosity distribution over the cross section, i.e., even and uneven distributions. The governing equations of power law FGM (P-FGM) and sigmoid law FGM (S-FGM) beams are derived within the frame works of classical beam theory (CBT) and first order shear deformation beam theory (FSDBT). The resulting equations are solved using separation of variables technique and assuming FG beams are simply supported at both ends. To validate the results numerous comparisons are carried out with available results of open literature. The effects of types of volume fraction function, beam theory and porosity volume fraction, as well as the variations of volume fraction index, span to depth ratio and porosity volume fraction, on the first three non-dimensional frequencies are examined in detail.

• Journal of Arbitration Studies
• /
• v.31 no.2
• /
• pp.23-46
• /
• 2021

Sports disputes have specific characteristics compared to disputes that arise in the field of commerce. One particularity is the judicial system in which the CAS plays a key role as the International Supreme Court for sports-related matters. The CAS Code applies whenever the parties agree to submit a sports-related dispute to the CAS(Art. R27). Once the parties to the arbitration agreement have decided that the CAS Code should govern their proceedings. The parties' autonomy is, however, limited to the provisions of the CAS Code that provide for such a corresponding autonomy. The application of the mandatory rules contained in the CAS Code cannot be excluded. In CAS appeals arbitration proceedings, the Panel shall decide the dispute according to the applicable sports regulations and, subsidiarily, to the rules of law chosen by the parties(Art. R58). In international sports disputes, the uniform application and interpretation of the relevant regulations are essential. Therefore, Art. R58 should be applied as a mandatory rule without any changes. Regulations of the sports organizations are to be qualified as valid rules of law. CAS panels may also apply the so-called lex sportiva to the merits before considering statutory provisions of national jurisdictions. In this way, the specificities in (international) sports disputes can be taken into account without the need to further examine the application of national legal standards.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.41
• /
• pp.25-50
• /
• 2009

In this article, I have reviewed the definition of international mercantile customs, their preferential application, the developing status of the credit practice, the effectiveness and relationship of the international standard banking practices, e.g. UCP 600 and ISBP 2007, ISP98, URR 725, eUCP 1.1. and the like, established by the International Chamber of Commerce (ICC). It is important to emphasize that the autonomous agreements between the credit parties and the international practice on the credit transaction are respected above all because of the special nature of its transaction. When we want to apply to a letter of credit by the international rules - UCP 600, ISP98, URDG, URR 725 and eUCP 1.1, we must indicate expressly in the text of the credit that it is subject to the respective rule. But the International Standard Banking Practice, 2007 revised by the ICC is applicable to without its indication in case of the UCP 600 credit. On the other hand, the UN Convention on Guarantees and Standby Credits applies to an international undertaking referred to in its article 2, (a) if the guarantor/issuer is in a Contracting State, or (b) if the rules of private international law lead to the application of the law of a Contracting State, unless the undertaking excludes the application of the Convention. And this Convention applies also to an international credit not falling within its article 2, if it expressly states that it is subject to this Convention.

• The Journal of Economics, Marketing and Management
• /
• v.2 no.4
• /
• pp.1-19
• /
• 2014

The rule of Islam is simple: if you advance a loan, you are entitled to receive your capital only and nothing more. If you wish to secure profit you should enter into a partnership and become a shareholder. Prohibitions against interest are not peculiar to Islam. If we were to trace back through history, a number of examples of such prohibitions can be found in the early Greek, Roman and Rabinnical thought. With the decline of the influence of the Catholic Church interest transactions become legal and stimulated giant Western corporations which forged capitalist imperialism. The practice of charging interest (usury) now dominated Western law and ethics for over a millennium. But, the Western or capitalist economic system has proven a failure in its quest for economic justice, which serves to benefit all in society, both the rich and the poor. In particular, capitalism is currently causing a terrifying scenario of making the rich richer and the poor poorer due to interest charges. An alternative banking model, called Islamic finance and banking, is evoked in this study in order to depress financial exploitation by banking institutions.

• International Commerce and Information Review
• /
• v.11 no.2
• /
• pp.233-257
• /
• 2009

The 21st century is witnessing the explosive increase in the usage of internet and international electronic transactions. Due to the unique characteristics of the electronic information, substantial part of such transaction can and do take the form of cross-border transactions. However, there have not been settled appropriate set of rules applicable to the international electronic transactions. Currently, in respect to e-L/C transactions in international trade, there are laws such as Electronic Transaction Basic Act in our country, E-Trade Promotion Act, E-Signature Law, Act on Promotion of Information and Communication Network Utilization and Information Protection and Marine Charter 5 in the Commercial Law. Nevertheless, a complete legislation, that is a uniform rule for e L/C which could support e L/C transactions fully hasn't been established yet. Accordingly, those laws concerned need to improve to regulate e-L/C transactions. The purpose of this paper is to look into the national status for law readjustment to prepare for a new electronic environment and to use appropriately the e-L/C issued by electronic means, and to conduct a comparative analysis on the related regulations to introduce a pertinent laws and propose related regulations to contribute to the making of effective laws to regulate e-L/C.