An electronic transaction as a new dealing method has been extensively increased in recent years. The transaction has been made in the virtual world of cyberspace. This is undoubtedly due to both a rapid advancement of information and communication technology represented by computerized easy access as well as multi-functionality of internet. Accordingly, there is a strong possibility that preoccupancy of electronic trade market is of a salient feature for strengthening the economic competitiveness of an individual, an industrial company and even a country.
In particular, the electronic trade has substantial differences from conventional trade. Subsequently, the former has caused various problems that have not been occurred in the latter. To get over these problems, numerous solution approaches have been proposed with regard to electronic declaration of intention. However, such approaches are still controversial. Thus, the present study has been performed to investigate the necessity of differentiation of electronic declaration of intention from conventional declaration of intention. The study has also evaluated a possibility that the current law of regulations can be pertinently employed for the electronic declaration of intention. In addition, a definition of dispatch and receipt time for the electronic declaration of intention needs to be clearly clarified. It is thus postulated in the present study that the time is defined as the very moment when the intention declared by expresser is reached and recorded at the data processing equipment of the other trader.
With regard to valid trade establishment for the electronic declaration of intention, a distinction criterion for interlocutor and the other trader in a long distance is not based on either distance or location, but time. Consequently, the establishment moment of the valid trade can be assumed to be a known state that can be defined as the acceptance declaration of intention as to subscription is made.
However, the electronic trade in terms of the electric declaration of intention can easily be deceptive due to both anonymous nature and unavailable written record. Moreover, the declaration is associated with data processing system such as computers. This implies that the transfer of declaration is carried out in terms of binary coded machine language and thus has a cardinal characteristic. This may lead to abnormal declaration of intention including various disagreement and defects that do not conform to the intentions by expressers.
In short, application of the existing law to the electronic declaration of intention may violate the equality principle of law. This is particularly true since a reliable protection is of utmost significance between traders. It is therefore recommended that "a new risk bearing law" is introduced in terms of modifying the existing law.
In all, the electronic declaration of intention has aforementioned problems and thus may cause various disputes in the trade. It is subsequently concluded that a legislative and institutional supplementation together with flexible analysis of laws is required.