law merchant

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Law Merchant

The system of rules and customs and usages generally recognized and adopted by traders as the law for the regulation of their commercial transactions and the resolution of their controversies.

The law merchant is codified in the Uniform Commercial Code (UCC), a body of law, which has been adopted by the states, that governs mercantile transactions.

law merchant

the international practice of merchants relating to commercial and maritime matters that has been judicially recognized and, as such, absorbed into the common laws of England and Scotland.
References in periodicals archive ?
the eventual reemergence of the Law Merchant as a primary force in
core, market forces created and sustained the Law Merchant.
The medieval Law Merchant was absorbed by the common law during the rise of the modern state.
The Law Merchant was a tool of unified commercial discourse that transcended the hotchpotch of different local systems of law that traders would encounter, such as ecclesiastical, manorial, and civil.
Or they may choose to have customary law, as it has evolved and developed under the modern law merchant, to govern their contracts instead.
1990) "The Role of Institutions in the Revival of Trade: The Law Merchant, Private Judges, and the Champagne Fairs.
The law merchant, or lex mercatoria, was a system of mercantile
instance, considered the law merchant to be a part of the law of
The position is different, however, in cities and fairs' and among merchants, in whose favour, by grace of the prince, it is granted that proof shall be the privilege of the party asserting the claim, in accordance with the law merchant, and merchants are permitted to prove, by witnesses and by a jury, tallies that are repudiated.
16) Gerard Malynes, Consuetudo vel Lex Mercatoria, or the Ancient Law Merchant (London, 1622), from the Preface, "To the Courteous Reader.
Hall, Hubert, ed, (1930), Select Cases Concerning the Law Merchant 1239-1633, Vol.
At its beginning the Law Merchant was a purely informal body of law.