Korean Contract Law is primarily governed by the Civil Act of Korea, which outlines the principles and rules for forming, executing, and terminating contracts. It emphasizes the importance of mutual consent, lawful purpose, and the capacity of parties to enter into agreements. Contracts can be written or oral, but certain types, like real estate transactions, must be in writing to be enforceable. In case of disputes, Korean Contract Law provides remedies such as damages, specific performance, or contract rescission. The law also recognizes the concept of good faith, requiring parties to act honestly and fairly in their contractual dealings.