law merchant

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law merchant

n. pl. laws merchant
A body of law consisting of the recognized and customary commercial principles and practices of merchants rather than formal statutes and regulations.

law merchant

n
(Professions) mercantile law the body of rules and principles determining the rights and obligations of the parties to commercial transactions; commercial law

law′ mer′chant


n.
the customary principles and rules determining the rights and obligations of commercial transactions.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.law merchant - the body of rules applied to commercial transactions; derived from the practices of traders rather than from jurisprudence
law, jurisprudence - the collection of rules imposed by authority; "civilization presupposes respect for the law"; "the great problem for jurisprudence to allow freedom while enforcing order"
References in periodicals archive ?
And, of course, centuries ago there was the Lex Mercatoria, the Merchant Law, which businesses created and enforced in Europe, completely separate from any government.
Based on the international recognition of the principle of autonomy, economic operators have designed their own right, independent of national rights, in what has been called doctrinally modern lex mercatoria (Schmitthoff, Gondra), paralleling this right with the created one by the mercantile corporations (ius mercatorum) during the late Middle Ages, in which the main source of trade law or custom applications constituted (usus mercatorum) were recognized by the traders themselves and applied in specialized courts.
Como se explicara en el epigrafe III, esta respuesta resulta imperfecta por carecer de complitud: ni la autonomia de la voluntad, ni la lex mercatoria garantizar una regulacion completa de los contratos internacionales.
This is reflective of the direction of lex mercatoria over its historical development.
The lex mercatoria as a source of international law
These norms and their surrounding institutions and processes, although much contested, have forever assumed a prominent place in studies of private ordering, driven particularly by the fact that the lex mercatoria reaches far, far back into past centuries of economic globalization, and is thus seen as testifying to both the reality and the viability of transnational law "beyond the state.
It is closer to common law or lex mercatoria, a reflection of a global common consensus that becomes authoritative when judges employ it.
With the arrival of the renaissance period and the growth of Italian mercantile villages, that which we know today as lex mercatoria began being used in the European market.
This article seeks to counter that argument by suggesting that, even if the traditional narrative of the lex mercatoria is true--an assertion upon which considerable doubt has been cast--modern multinational corporations are not likely to take the lead in developing and enforcing such norms.
Lex mercatoria es el vector normativo de la contextura comercial internacional.
The ascendency of private rulemaking can be described as the modern version of "merchant's law" or lex mercatoria, a medieval system of commercial understandings that emerged in the days of the Hanseatic League to aid the smooth flow of intra-European merchant trade.