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 ?
Indeed, the medieval Law Merchant powerfully illustrates the self generative capacity of commercial customary norms.
Or they may choose to have customary law, as it has evolved and developed under the modern law merchant, to govern their contracts instead.
The law merchant, or lex mercatoria, was a system of mercantile
encompass the law of state-state relations, the law merchant, and the
It also provides a blueprint for the future, as the modern lex mercatoria is presented in the genealogical narratives as either the reincarnation (rebirth) of the ancient law merchant or as the result of its evolution.
I must move on to discuss custom more fully, and will no longer dwell on these other sources of (transnational private) law except to say that in my view (33) they present a hierarchy of norms, which in international commerce and finance forms the essence of the modern international law merchant or new lex mercatoria.
International trade is thriving, and the informal institution of the Law Merchant seems to be doing an excellent job helping it do so.
The fear of a proliferated Law Merchant has led to the growth of a 'new' Law Merchant, closely resembling its medieval forefather" (Trakman 1983, p.
I mention the law merchant only to prove that law does not require the backing of coercion supplied by government Once this point a proven, the intellectual keystone supporting Peritz's book disappears.
The problem was thus, as the common law courts expanded jurisdiction in the seventeenth century, to understand how those courts absorbed a pre-existing jurisprudence, the law merchant.
13) The new law merchant arises outside of the state's apparatus for making law.
After Swift, states increasingly localized matters previously subject to general law, abandoning "reliance on the general law merchant in favor of localized commercial doctrines.