In this study, the latest trend and legislative examples of extinctive prescription system are discussed. Also, the numerous issues of extinctive prescription in Korea namely in connection with the properness of the reality, the simplified and unified period of extinctive prescription, and introduction of the principle of free contract on the extinctive prescription are discussed on the potential problems of agreement of prescription between legal parties.
In chapter 2, the principles of European contract law which have influenced many EU countries in case of the legislation of German civil law as well as of their revising the laws is discussed.
In chapter 3, it is mentioned that those main contents and features of the latest revised German civil law.
In conclusion, on the Korean civil law revision, this study suggests law-making direction on the prescription system of law.