A factor of time gives great influence on the status and the potentiality of rights. Due to the powerful influence of that factor, the Korean Civil Code has various provisions regarding time limits. It seems that, however, such provisions lack systematic clarity. For example, some provisions set the time limits, but do not regulate their effects when those time limits have expired. On the other hand, there is no related time limit provision for some rights even if they are contingent upon time factors on reality. Many Korean civil law scholars, therefore, have been making efforts to set up a clear and consistent system of time related provisions. The outputs of studies on this subject can be divided into four major categories. First category deals with the period of prescription which causes extinction of rights. Under this category the effects of extinctive prescription can be studied. Second category deals with the period of exclusion. Under this category strong relation to the right of changing legal relation ("Gestaltungsrecht" in German) can be studied. Third category deals with the discrimination between the period of extinctive prescription and the period of exclusion. Fourth category deals with the lapse. When one is dealing the main subject or any one of those four sub-subjects, the author suggests seeing all the time related systems in their entirety. In other words, it is important to find the interrelation among the systems, and then to keep consistency when analyzing and constructing the Code.

A factor of time gives great influence on the status and the potentiality of rights. Due to the powerful influence of that factor, the Korean Civil Code has various provisions regarding time limits. It seems that, however, such provisions lack systematic clarity. For example, some provisions set the time limits, but do not regulate their effects when those time limits have expired. On the other hand, there is no related time limit provision for some rights even if they are contingent upon time factors on reality. Many Korean civil law scholars, therefore, have been making efforts to set up a clear and consistent system of time related provisions. The outputs of studies on this subject can be divided into four major categories. First category deals with the period of prescription which causes extinction of rights. Under this category the effects of extinctive prescription can be studied. Second category deals with the period of exclusion. Under this category strong relation to the right of changing legal relation ("Gestaltungsrecht" in German) can be studied. Third category deals with the discrimination between the period of extinctive prescription and the period of exclusion. Fourth category deals with the lapse. When one is dealing the main subject or any one of those four sub-subjects, the author suggests seeing all the time related systems in their entirety. In other words, it is important to find the interrelation among the systems, and then to keep consistency when analyzing and constructing the Code.

Verjahrung, Ausschlussfrist, Gestaltungsrecht, Verwirkung