The following facts shall not be disputed between the parties, or may be recognized by comprehensively considering the overall purport of the pleadings in each entry in Gap evidence 1 through 5 (including each number, if any).

On May 26, 2017, the Plaintiff entered into a sales contract with the Defendant to purchase KRW 1984 square meters out of KRW 7,945 square meters in Gyeonggi-gun, Gyeonggi-do, the Defendant owned for KRW 480 million (hereinafter “instant sales contract”).

At the time of the conclusion of the instant sales contract, the Plaintiff and the Defendant completed the construction of the housing site for the said land by July 31, 2017, and the same year.

8. The agreement was reached to divide up to 31.

On May 26, 2017, the date of the conclusion of the instant sales contract, the Plaintiff paid KRW 230 million to the Defendant out of the purchase price stipulated in the instant sales contract.

However, the defendant did not complete the construction work of housing site and the division procedure until the date of promise at the time of the instant sales contract.

On December 7, 2017, the Defendant prepared and issued to the Plaintiff a letter of promise to pay interest calculated at an annual interest rate of 15 percent from May 26, 2017 to the date of full payment for KRW 278,00,000,000 and KRW 230,000,000,000,000,000, which is added to penalty of KRW 48,000,000,000,000,000, which was already paid, to the Plaintiff where the procedures for the construction of housing site and the division thereof are not completed by January 20, 2018 (hereinafter “instant letter of promise”).

Judgment

The Defendant’s determination on the cause of the claim is that, on December 7, 2017, the Plaintiff would pay to the Plaintiff the interest calculated at an annual interest rate of 15 percent for KRW 278 million, which added a penalty of KRW 48 million to the purchase price already paid, and KRW 230 million to the purchase price already paid to the Plaintiff, in the event that the construction work for the creation of housing sites and the procedures for division, which was agreed upon at the time of the conclusion of the instant sales contract, are not completed until January 20, 2018.