Part 1 General Provisions

Chapter 1 Introduction
Chapter 2 Merchants (corporate entities)
Chapter 3 Commercial Employees (Business Management Assistants)
Chapter 4 Company Name
Chapter 5 Commercial Ledgers
Chapter 6 Sales Office
Chapter 7 Commercial Registration (Public Disclosure of Companies)
Chapter 8 Transfer of Business (Transfer of Business)

Part 2: The Upper Act

Chapter 1 Introduction
Chapter 2 General Provisions
Chapter 3 Each rule

Part 3 Company

Chapter 1 General Introduction
Chapter 2 General Principles of Corporate Law
Chapter 3 General Partnership
Chapter 4 Limited Partnership
Chapter 5 Limited Liability Company
Chapter 6 Stock Companies
Chapter 7 Limited Liability Company
Chapter 8 Foreign Companies
Chapter 9 Penalties

Part 4 Bills of Exchange and Checks Act

Chapter 1 Securities Act/3
Section 1. Meaning of Securities 3
Section 2 Functions of Securities 13
Section 3 Types of Securities 19
Section 4: Properties of Securities 25
Section 5 Securities Act 29
Chapter 2 Introduction to the Bills and Checks Act/33
Section 1: The Meaning of Bills and Checks 33
Section 2 Bills of Exchange and Checks Act 55
Chapter 3: General Provisions of the Bills and Checks Act/61
Section 1 Bill of Exchange Act 61
Section 2 Agency (Representation) in Negotiation of Bills 91
Section 3 Forgery and Alteration of Bills 116
Section 4 Blank Promissory Notes 139
Section 5: Substantive Relationship of Bills of Exchange 158
Section 6: Opening of Letters of Credit and Discounting of Bills of Exchange 172
Chapter 4: General Theory of Bills of Exchange and Checks Law/207
Section 1. The Meaning of Rights on Bills of Exchange 207
Section 2. Occurrence of Rights on Bills of Exchange 210
Section 3 Transfer of Rights on a Bill of Exchange (Endorsement) 276
Section 4 Exercise of Rights on Bills of Exchange 339
Section 5: Extinction of Rights on Bills of Exchange 418
Section 6 Other Systems 450
Section 7: Systems Specific to Checks 482
Section 8 Private International Law 493
Chapter 5 Electronic Bills Act/500
Section 1: History of the Electronic Bills Act 500
Section 2 Contents of the Electronic Bills Act 503

Part 5 Insurance

Chapter 1 Introduction/521
Section 1 Insurance System 521
Section 2: Concepts of Insurance Law 531
Section 3: Status of the Insurance Act under Commercial Law 535
Section 4, Insurance Law, Courts 536
Section 5: History of Insurance Law and Insurance Laws of Each Country 561
Chapter 2 Insurance Contracts/563
Section 1: Concept of Insurance Contract 563
Section 2 Elements of an Insurance Contract 572
Section 3 Conclusion of Insurance Contracts 591
Section 4 Effects of Insurance Contracts 619
Section 5 Invalidity, Change, Expiration, and Revival of Insurance Contracts 650
Section 6 Insurance Contracts for Others 661
Chapter 3 Non-Life Insurance/668
Section 1 General Rule 668
Section 1 Meaning of Non-life Insurance Contracts/Section 2 Types of Non-life Insurance Contracts/
Section 3 Elements of a Non-Life Insurance Contract/Section 4 Effects of a Non-Life Insurance Contract/
Article 5 Changes and Termination of Non-Life Insurance Contracts
Section 2, Article 722
Section 1 General Provisions/Section 2 Fire Insurance Contracts/
Section 3 Transportation Insurance Contract/Section 4 Marine Insurance Contract/
Article 5 Liability Insurance Contract/Article 6 Automobile Insurance Contract/
Article 7 Guarantee Insurance Contract
Chapter 4: Human Insurance/841
Section 1 General Provisions 841
Section 2 Life Insurance Contract 847
Section 3 Accident Insurance Contract 873
Section 4: Health Insurance Contract 883

Part 6: Sea

Chapter 1 Introduction/889
Section 1. The Meaning and Status of Maritime Law 889
Section 2: Evolution of Maritime Law 892
Section 3: Courts of Maritime Law 898
Chapter 2: Maritime Enterprise Organization/900
Section 1 General Provisions 900
Section 2 Physical Organization (Ships) 900
Section 3: Human Organization 909
Section 1: Subjects of maritime enterprises/Section 2: Assistants of maritime enterprises
Section 4 Limitation of Liability of Maritime Enterprises 933
Chapter 3 Maritime Business Activities (Maritime Transport)/955
Section 1 General Provisions 955
Section 2: Maritime Goods Transport Contract (Individual Goods Transport Contract) 958
Section 1 General Provisions/Section 2 Establishment of Maritime Goods Transport Contract/
Article 3. Effect of Maritime Transport Contract/Article 4. Termination of Maritime Transport Contract
Section 3: Maritime Passenger Transport Contract 1022
Section 1 General Provisions/Section 2 Establishment of Maritime Passenger Transport Contract/
Section 3: Validity of Maritime Passenger Transport Contract/Section 4: Termination of Maritime Passenger Transport Contract
Section 4 Voyage Charter Contract 1027
Section 1 General Provisions/Section 2 Establishment of Voyage Charter Contract/
Section 3. Effect of Voyage Charter Contract/Section 4. Termination of Voyage Charter Contract
Section 5 Maritime Transport Certificate 1047
Section 1 General Provisions/Section 2 Bill of Lading/
Section 3 Marine Waybill
Chapter 4: Maritime Enterprise Risks/1065
Section 1 General Provisions 1065
Section 2 General Average 1065
Section 3: Ship Collisions 1076
Section 4: Maritime Rescue 1083
Chapter 5: Maritime Corporate Finance/1094
Section 1 General Provisions 1094
Section 2 Maritime Lien 1095
Section 3 Ship Mortgage 1102
Section 4 Enforcement of Ships 1106
Chapter 6: International Private Law on the Sea/1109

Part 7 Air Transport

Chapter 1 General Introduction/1113
Chapter 2 General Rules/1116
Section 1. The meaning of aircraft under the Aviation Transport Act and the scope of application of the Aviation Transport Act 1116
Section 2 Exemption of Liability of Air Carriers and Aircraft Operators 1118
Chapter 3 Transportation/1119
Section 1 General Rule 1119
Section 2 Responsibilities of Air Passenger Carriers 1126
Section 3 Responsibilities of Air Carriers 1135
Section 4 Obligations of Air Carriers 1140
Section 5 Rights of Air Carriers 1144
Section 6. Voluntary Termination (Cancellation) of Air Cargo Transport Contract Due to Force Majeure 1147
Section 7 Air Transport Certificate 1147
Chapter 4 Liability for Damages to Third Parties on Earth/1156
Section 1 General Provisions 1156
Section 2 Subject of Responsibility 1156
Section 3 Causes of Damage 1157
Section 4 Disclaimer of Liability 1158
Section 5 Limitation of Liability 1159
Section 6: Extinction of Liability 1162

Appendix 1163
Index 1175

Preface to the 24th Edition

The 24th edition was published after the publication of the 23rd edition (August 30, 2022), reflecting new Supreme Court precedents (precedents published from June 1, 2022, to May 15, 2024, based on the precedent bulletin) and correcting and supplementing any insufficient content.
With these revisions and additions, the 24th edition is considered to be very up-to-date and much more faithful in its content.
We hope to continue to receive the unwavering love and support of our many loyal readers, and we pledge to continue to revise and supplement any shortcomings and add new content.
We would like to express our deepest gratitude to Park Young-sa's CEOs Jong-man Ahn and Sang-jun Ahn, Director Seong-ho Cho, and Editorial Team Leader Seung-hyeon Lee for their assistance in publishing the 24th edition.

July 2024
Written by Jeong Chan-hyung