Study of the theory of Legal Protection Against Online High Yield Investment Program Contracts in Indonesia (HYIP)
Abstract
One internet business that offers convenience and with large profits is investing in the High Yield Investment Program (HYIP). HYIP offers a contract with a high percentage of profits to consumers (investors) within a certain period. Contracts in online HYIPs are electronic contracts (e-contracts). Based on law no. 19 of 2016 concerning amendments to law no. 11 of 2008 concerning information and electronic transactions. The problem raised is about the comparison of electronic contracts in Law Number 19 of 2016 with contracts in the Civil Code and studies from the perspective of the theory of legal protection of online HYIP defaults in Indonesia.
This research used the method of normative juridical legal approach, or library law research, which is legal research conducted by examining literature or secondary data.
The research results obtained are that the electronic contract as regulated in Act No. 19 of 2016 when compared to the contract as regulated in the Civil Code, then both are the same. Online HYIP contracts still appeared vaguely in fulfilling the legal requirements of the contract, so that the HYIP contract could be said to be valid under Indonesian civil law, then the online HYIP contract must fulfill the legal requirements of the contract stipulated in Article 1320 of the Civil Code. Therefore to decide whether the contract is valid or not, one needs to look at the contract one by one because it couldn’t be concluded that all online HYIP contracts are legal or invalid.
Legitimate online HYIP contracts according to Article 1320 of the Civil Code have legal force. The existence of the legal force, then there is also protection for the parties making the contract. Legal protection in online HYIP contracts is regulated in the Civil Code, Law No. 8 of 1999 concerning consumer protection and Law No. 11 of 2008 concerning information and electronic transactions which then there are some changes contained in Act Number 19 of 2016 concerning Amendments to Act Number 11 of 2008 concerning Information and Electronic Transactions.
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Legal Reconstruction in Indonesia Based on Human Right Indexed by :
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