1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1...

1. On January 12, 2010, the Plaintiff established C (hereinafter “C”) for the purpose of real estate development business, etc.

C purchased 10,337 square meters of D forest land and three lots (hereinafter “instant real estate”), and on September 14, 2010, upon obtaining permission to engage in development activities for site creation of Class I neighborhood living facilities (retail stores) with respect to the instant real estate, C carried out the said development project (hereinafter “instant project”).

However, in the process of running the instant business, C was unable to promote the said business any longer due to the aggravation of financial resources, and the Plaintiff was seeking to dispose of C and the said business rights.

On August 31, 2011, the Plaintiff entered into a transfer agreement with the Defendant on the condition that the Plaintiff and C will transfer all of the instant business rights to KRW 300 million (hereinafter “instant transfer agreement”).

On the same day, the Defendant: (a) delivered to the Plaintiff a letter of payment undertaking (Evidence No. 4; hereinafter “instant letter of payment undertaking”) stating that “C is liable from F Co., Ltd. (hereinafter “F”) to October 17, 201 and would pay KRW 300 million to the Plaintiff according to the Plaintiff’s acceptance by the Defendant to E (Defendant’s wife); (b) the letter of payment undertaking stating “F representative director G” (hereinafter “instant letter of payment undertaking”).

The Plaintiff transferred the entire business rights of C and C to the Defendant according to the instant transfer agreement, and resigned from C’s intra-company director as of August 31, 201, and on the same day, E, the Defendant’s wife, completed the registration of appointment as C’s intra-company director.

[Ground of recognition] Facts without dispute, Gap evidence Nos. 1, 2, 4, 6, 9, Eul evidence Nos. 8 and 10 (including branch numbers if there are no separate indications; hereinafter the same shall apply) and the purport of the whole pleadings

2. Determination on the cause of the claim.