1. What is an electronic contract?

According to Clause 16, Article 3 of the Electronic Transactions Law 2023, an electronic contract is a contract established in the form of a data message.

2. Validity of electronic contracts?

The Law on Electronic Transactions 2023 affirms that electronic contracts have the same legal value as traditional paper contracts, as long as they fully satisfy the following conditions:

• Legal subjects: The participating parties must have civil legal capacity and appropriate civil conduct capacity.
• Voluntary agreement: The parties must voluntarily enter into the contract, without being forced or deceived.
• Legal content: The purpose and content of the contract must not violate the law or be contrary to social ethics.
• Legal form: In some special cases (for example, real estate transfer contracts), electronic contracts need to be made in electronic documents with electronic signatures or notarized according to regulations

3. Common risks when signing electronic contracts between businesses

• Legal risks related to electronic signatures: Electronic signatures may not be recognized because the supplier is not authorized
• Risks from the subject signing the contract: Does the subject signing have legal status or does the person signing have the right or not

4. Disputes arising

Because of the above risks, in reality, during the contract implementation process, conflicts and disputes will easily arise. One party can deny the legal value of the electronic contract to cause damage to the other party.

Therefore, businesses need to be careful when entering into electronic contracts. In particular, foreign-invested enterprises often conduct transactions using electronic contracts with foreign partners.

5. About Us, Hankuk Law Firm

■ Hankuk Law Firm – Introduction

The goal of the legal services provided by HANKUK LAW FIRM is to support businesses, investors, and people. Our organization employs skilled Korean lawyers, partners, and professionals to provide legal services to businesses related to corporations and litigation.

To support the startup process, our lawyers and staff provide a wide range of services, including business law consulting, tax and immigration law consulting, real estate services, business consulting, marketing and communications, human resources, product distribution, franchise options, etc. We provide expert advice on every aspect of your business needs.

To protect the legitimate rights and interests of our clients and achieve the best results, we provide legal advice and participate in civil lawsuits related to business, labor, marriage, family, and inheritance.

■ Contact us now

For reliable and effective legal advice, please contact HANKUK LAW FIRM now. We are committed to providing you with the best possible answers and our team of experienced lawyers has extensive knowledge in many legal fields. We are always here to provide the most competent and dedicated support, whether you are dealing with contractual issues, commercial disputes or need guidance on foreign investment. HANKUK LAW FIRM is honored to have assisted hundreds of domestic and international clients in skillfully resolving complex legal issues as their trusted legal partner. Do not let legal issues hinder your success. Let us accompany you towards legal achievement and comfort. For prompt guidance and support to ensure your rights are always maintained at the highest standards, contact HANKUK LAW FIRM now.

■ Contact Hankuk Law Firm

Website: http://hankuklawfirm.com/en/  Facebook: https://www.facebook.com/hankuk.lawfirm  Tiktok: https://www.tiktok.com/@opineslang  Youtube: https://www.youtube.com/@hankuklawfirm6375 Email:  info@hankuklawfirm.com   Telephone: (English) 0369.77.11.46